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Quizzes > Mathematics > Basic Math & Arithmetic

Simple Interest Questions Quiz: Test Your Skills Now

Think you can ace these interest questions? Dive in!

Difficulty: Moderate
2-5mins
Learning OutcomesCheat Sheet
Paper cut illustration of calculator coins pencil and formulas on dark blue background for simple interest quiz

This simple interest quiz helps you practice finding interest, principal, rate, and time with quick, clear problems. Work through short problems and word problems to build speed and spot gaps before a test. Start with a quick skill check , then try extra financial math practice if you want more.

What is the simple interest on $1000 at 5% per annum for 3 years?
$100
$50
$200
$150
Simple interest is calculated as Principal × Rate × Time ÷ 100. Here, 1000 × 5 × 3 ÷ 100 equals 150. Thus, the correct simple interest is $150. For more details on the formula, see .
If the simple interest on a sum for 2 years at 4% per annum is $80, what is the principal?
$1500
$800
$1000
$1200
The formula SI = P × R × T ÷ 100 implies P = SI × 100 ÷ (R × T). Substituting 80 × 100 ÷ (4 × 2) yields 1000. Hence, the principal is $1000. Learn more at .
The simple interest rate is 6% per annum. What is the interest on $500 for 2 years?
$60
$100
$75
$50
Interest = Principal × Rate × Time ÷ 100 = 500 × 6 × 2 ÷ 100 = 60. Therefore, $60 is the earned interest. See more examples at .
A sum of $2000 yields $300 in simple interest over 5 years. What is the annual interest rate?
2.5%
6%
3%
4%
Using SI = P × R × T ÷ 100, we have 300 = 2000 × R × 5 ÷ 100, so R = (300 × 100) ÷ (2000 × 5) = 3%. Hence the rate is 3% per annum. For further reading visit .
A principal of $1500 doubles itself in 20 years under simple interest. What is the annual rate?
6%
5%
8%
4%
Doubling means SI = P, so P × R × 20 ÷ 100 = P ? R × 20 = 100 ? R = 5%. Thus, the interest rate is 5%. More insights at .
If $2500 yields $450 in simple interest over 3 years, what is the rate per annum?
7%
8%
5%
6%
Using R = SI × 100 ÷ (P × T) = 450 × 100 ÷ (2500 × 3) = 6%. Hence, the annual rate is 6%. Refer to .
Three years' simple interest on a sum at 8% per annum is $240. What is the sum?
$1200
$1100
$1000
$900
P = SI × 100 ÷ (R × T) = 240 × 100 ÷ (8 × 3) = 1000. Thus, the principal is $1000. For more practice, see .
A sum at simple interest doubles in 8 years. How many years will it take to become five times itself?
32
40
28
24
Doubling time T gives R = 100 ÷ 8 =12.5%. To be 5 times, SI =4P ? P × 12.5% × t =4P ? t = (4 ×100) ÷ 12.5 =32 years. Learn more at .
A sum of money is lent at simple interest. If the rate had been 1% higher, the interest for 4 years would be $48 more. What was the principal?
$400
$250
$300
$200
The extra interest is P × 1% × 4 = 48 ? 4P/100 = 48 ? P = 48 × 25/4 = 300. Therefore, the principal is $300. For additional context, visit .
In how many years will a sum become four times itself at simple interest rate of 12% per annum?
24 years
25 years
30 years
20 years
We need SI = 3P ? P × 12% × t = 3P ? 0.12t = 3 ? t = 3/0.12 = 25 years. Thus, it takes 25 years. More examples can be found at .
A principal becomes 5/4 of itself in 3 years under simple interest. How long will it take to become 7/3 of itself at the same rate?
14 years
16 years
18 years
20 years
5/4 implies SI =P/4 in 3 years so R = (1/4)/3×100 = 8.33%. To reach 7/3, SI =4/3P ? t = (4/3 ×100)/8.33 ?16 years. Further explanation at .
A sum invested at 10% simple interest for 3 years and then at 12% for 2 more years yields total interest of $1080. What is the principal?
$1900
$2200
$2000
$1800
Interest = P×0.10×3 + P×0.12×2 =0.30P+0.24P=0.54P, set equal to 1080 gives P =1080/0.54 =2000. So the principal is $2000. Read more at .
Two sums are invested at 6% and 9% simple interest respectively. If the total principal is $4000 and total interest for 2 years is $600, how much was invested at 6%?
$2500
$1500
$1000
$2000
Let x at 6%, then interest is 0.06×x×2 + 0.09×(4000?x)×2 =600 ?0.12x +720?0.18x=600 ?0.06x=120 ?x=2000. Hence $2000 at 6%. See details at .
A principal amounts to $2100 in 2 years and to $2400 in 5 years at simple interest. What was the original principal?
$1900
$1750
$1800
$2000
Let P be principal and R rate. P+2PR=2100 and P+5PR=2400 ? subtract gives 3PR=300 ?PR=100. Substitute into P+2×100=2100 ?P=1900. So the original principal is $1900. More at .
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Study Outcomes

  1. Understand Simple Interest Fundamentals -

    Grasp the basic components of simple interest questions, including principal, rate, time, and the core formula for calculating interest.

  2. Apply the Simple Interest Formula -

    Solve questions for simple interest by correctly substituting values into the SI formula to compute interest amounts in diverse scenarios.

  3. Calculate Missing Variables in SI Questions -

    Rearrange the simple interest equation to find unknown quantities such as principal, rate, or time in any SI question.

  4. Interpret Practical Interest Questions -

    Analyze real-world scenarios involving loans, investments, and savings to derive accurate simple interest calculations.

  5. Develop Efficient Problem-Solving Strategies -

    Enhance speed and accuracy by recognizing common question simple interest patterns and applying shortcuts where appropriate.

  6. Validate and Check Solutions -

    Learn to verify your answers and ensure correctness by cross-checking calculations across different simple interest questions.

Cheat Sheet

  1. Core Formula for Simple Interest -

    The simple interest formula I = P × r × t is your go-to for tackling simple interest questions efficiently (source: Investopedia). For example, borrowing $1,000 at 4% annual rate for 3 years yields I = 1000 × 0.04 × 3 = 120.

  2. Distinguish Simple vs. Compound Interest -

    Unlike compound interest, which calculates "interest on interest," simple interest only applies to the principal, making calculations linear (source: Khan Academy). A quick mnemonic is "no interest on interest," so your interest amount stays constant each period for any si question.

  3. Convert Time Periods Correctly -

    Time t must be in years for SI formulas, so convert months or days by dividing by 12 or 365 (source: University of Cambridge). For instance, 6 months becomes 0.5 years and 90 days becomes approximately 0.2466 years to avoid errors in interest questions.

  4. Compute Total Amount with A = P + I -

    After finding interest I, calculate the total amount A by adding it to the principal: A = P + I (source: Federal Reserve Education). For example, a $1,200 principal at 5% for 2 years gives I = 120 and A = 1,200 + 120 = 1,320 in practical questions for simple interest.

  5. Ensure Unit Consistency and Rate Format -

    Always express the rate r as a decimal (e.g., 6% as 0.06) and match time units to the rate period, or your calculations will be off (source: MIT OpenCourseWare). Double-check your units if a question's rate is quarterly or monthly to nail every question simple interest tosses at you.

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