Questions on Simple Interest
multiple choice questions on Simple Interest for grade 6, with realistic, hypothetical data. Each question has five alternatives. Answers with clear explanations come at the end.
Simple Interest Questions (Grade 6)
1. You borrow $1,000 at 5% simple interest per year. How much interest will you pay after 1 year?
A) $25
B) $50
C) $75
D) $100
E) $125
2. An investment of $500 earns 6% simple interest annually. What is the interest earned after 3 years?
A) $30
B) $60
C) $90
D) $120
E) $150
3. A loan of $2,000 at 4% simple interest is taken. What is the total interest after 2 years?
A) $40
B) $80
C) $120
D) $160
E) $200
4. You save $750 in a bank at 3% simple interest. How much interest will you get after 4 years?
A) $67.50
B) $75
C) $90
D) $100
E) $120
5. A man borrows $1,200 at 7% simple interest for 5 years. What is the interest he owes?
A) $360
B) $400
C) $420
D) $450
E) $480
6. If $900 is invested at 8% simple interest, how much interest is earned after 3 years?
A) $180
B) $216
C) $240
D) $270
E) $300
7. A loan of $1,500 has 9% simple interest per year. What is the interest for 2 years?
A) $250
B) $270
C) $280
D) $290
E) $300
8. You invest $1,000 at 5% simple interest for 6 years. How much interest will you earn?
A) $250
B) $280
C) $300
D) $320
E) $350
9. A loan of $800 at 10% simple interest is borrowed for 4 years. What is the interest?
A) $280
B) $300
C) $320
D) $340
E) $360
10. An investment of $600 is made at 12% simple interest for 2 years. How much interest will you earn?
A) $120
B) $144
C) $150
D) $160
E) $180
11. A loan of $1,000 at 6% simple interest is taken for 3 years. What is the interest?
A) $160
B) $170
C) $180
D) $190
E) $200
12. You invest $850 at 4% simple interest for 5 years. How much interest will you earn?
A) $150
B) $160
C) $170
D) $180
E) $190
13. A loan of $1,250 at 7% simple interest for 4 years will have interest of:
A) $300
B) $320
C) $350
D) $360
E) $380
14. If you invest $1,100 at 3% simple interest per year, how much interest will you earn in 7 years?
A) $210
B) $220
C) $231
D) $240
E) $250
15. A loan of $1,400 is taken at 5% simple interest for 3 years. What is the interest?
A) $180
B) $190
C) $200
D) $210
E) $220
16. An investment of $950 at 6% simple interest is held for 4 years. What is the interest?
A) $228
B) $230
C) $240
D) $250
E) $260
17. A loan of $1,600 at 8% simple interest for 2 years will have interest of:
A) $240
B) $256
C) $260
D) $270
E) $280
18. You invest $700 at 9% simple interest for 5 years. What is the interest?
A) $300
B) $315
C) $320
D) $330
E) $340
19. A loan of $1,100 has a 7% simple interest rate. What is the interest after 6 years?
A) $420
B) $440
C) $450
D) $462
E) $470
20. An investment of $1,300 at 4% simple interest per year for 3 years will earn interest of:
A) $150
B) $156
C) $160
D) $165
E) $170
- Questions about Percent of a Number
- Questions on Prices Involving Discounts
- Questions on Prices Involving Sales Tax
Answers & Explanations:
Formula: Interest = Principal × Rate × Time
(Rate as a decimal, e.g., 5% = 0.05)
1. B) $50
$1,000 × 0.05 × 1 = $50
2. C) $90
$500 × 0.06 × 3 = $90
3. D) $160
$2,000 × 0.04 × 2 = $160
4. C) $90
$750 × 0.03 × 4 = $90
5. C) $420
$1,200 × 0.07 × 5 = $420
6. B) $216
$900 × 0.08 × 3 = $216
7. B) $270
$1,500 × 0.09 × 2 = $270
8. C) $300
$1,000 × 0.05 × 6 = $300
9. C) $320
$800 × 0.10 × 4 = $320
10. B) $144
$600 × 0.12 × 2 = $144
11. C) $180
$1,000 × 0.06 × 3 = $180
12. C) $170
$850 × 0.04 × 5 = $170
13. C) $350
$1,250 × 0.07 × 4 = $350
14. C) $231
$1,100 × 0.03 × 7 = $231
15. D) $210
$1,400 × 0.05 × 3 = $210
16. A) $228
$950 × 0.06 × 4 = $228
17. B) $256
$1,600 × 0.08 × 2 = $256
18. B) $315
$700 × 0.09 × 5 = $315
19. D) $462
$1,100 × 0.07 × 6 = $462
20. B) $156
$1,300 × 0.04 × 3 = $156
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