Simple Interest Quiz

Name:

Date:

📚 Part 1: Learning Goals & Multiple Choice

I can: calculate simple interest, find total amount, and solve for time or rate using I = Prt.

Success criteria: show the formula used, convert percentages to decimals, express time in years, and show work clearly.

1. Which formula represents simple interest?

I = Prt

A = P(1 + r/n)^(nt)

I = P + rt

I = P / (rt)

2. What is the simple interest on $1,200 at 5% for 3 years?

$60

$180

$200

$360

3. Check all steps you should take when finding simple interest for 6 months at an annual rate:

Convert 6 months to 0.5 years

Convert the percent to a decimal (for example, 4% → 0.04)

Multiply the rate by 100

4. What is the total amount (principal + interest) for $800 at 6% simple interest for 2 years?

$896

$96

$952

$800

✏️ Part 2: Short Answers (Show your work)

5. Find the simple interest earned on $2,500 at 3.2% for 4 years. Write the interest amount in dollars.

6. A loan of $5,000 at simple interest earns $700 interest. If the annual rate is 7%, how many years was the loan?

7. Jane invests $1,000 at 4.5% simple interest. How long will it take to earn $135 in interest?

8. A customer borrows $600 at 9% simple interest for 9 months. What total amount must be repaid? (Give dollars and cents.)

Differentiation strategies: provide a step-by-step checklist or use a calculator for decimal conversion; pair students for peer explanation; give simpler numbers (whole percentages) if needed.

Extension activity: create a real-world scenario where simple interest applies (e.g., short-term loan or savings) and compare the result to compound interest for the same terms.

Dyslexia-friendly reading options: read each problem aloud, highlight or bold the numbers and units, provide one sentence summaries, and allow extra time.