Download PDF – Mathematics Practice Quiz on Simple and Compound Interest

Mathematics Practice Quiz on Simple and Compound Interest

Choose the correct formula for simple interest

Q1. What is the formula for calculating simple interest?

A) SI = (P x R x T) / 100

B) SI = (P x R) / T

C) SI = (P + R + T) / 100

D) SI = (R x T) / P

Answer: (A)

The correct formula for simple interest is (P x R x T) / 100

Choose the correct representation of 'P' in the formula

Q2. What does 'P' represent in the simple interest formula?

A) Rate of interest

B) Time period

C) Principal amount

D) Final amount

Answer: (C)

'P' stands for the principal amount in the simple interest formula

Calculate the simple interest for given values

Q3. If the principal is ₹1,000, the rate of interest is 5% per annum, and the time is 2 years, what is the simple interest?

A) ₹100

B) ₹200

C) ₹300

D) ₹400

Answer: (B)

Simple interest is calculated using SI = (P x R x T) / 100

Choose the correct base for compound interest

Q4. Compound interest is calculated on:

A) Principal only

B) Principal and accrued interest

C) Rate of interest

D) Time period only

Answer: (B)

Compound interest is calculated on both principal and accrued interest

Choose the correct formula for compound interest

Q5. What is the formula for calculating compound interest annually?

A) A = P(1 + R/100)^T

B) A = P + (R x T) / 100

C) A = P x R x T

D) A = P x T x (R / 100)

Answer: (A)

Compound interest formula is A = P(1 + R/100)^T

Calculate the final amount after 3 years

Q6. If a sum of ₹2,000 is invested at an interest rate of 6% per annum compounded annually for 3 years, what will be the amount after 3 years?

A) ₹2,120

B) ₹2,382.03

C) ₹2,000

D) ₹2,500

Answer: (B)

The final amount is calculated using the compound interest formula A = P(1 + R/100)^T

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