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I = PRT (interest equals principal, interest rate and time)

# Business Math 01 - Calculating Interest Per Year

This Math quiz is called 'Business Math 01 - Calculating Interest Per Year' and it has been written by teachers to help you if you are studying the subject at middle school. Playing educational quizzes is a fabulous way to learn if you are in the 6th, 7th or 8th grade - aged 11 to 14.

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Have you done “Consumer Math?” If so, you'll have learned how to calculate simple interest. “Business Math” will also deal with how to calculate interest and it is done in the same way as all of the same principals apply.

1.
\$16,435.75 at 5.275 for 6 years.
\$2,501.94
\$52,019.40
\$25,019.40
\$5,201.94
Working the problem:
\$16,435.75 at 5.275% for 6 years.
I = PRT
16,435.75 x 0.05275 x 6
16,435.75 x 0.05275 = 866.99
866.99 x 6 = 5,201.94
I = \$5.201.94
Answer (d) is the correct answer
2.
\$9,300.00 at 9.25% for 5 years.
\$4,301.25
\$3,401.25
\$34,012.50
\$430.12
Working the problem:
\$9,300.00 at 9.25% for 5 years.
I = PRT
9,300 x 0.0925 x 5
9,300 x 0.0925 = 860.25
860.25 x 5 = 253,125
I = \$4,301.25
Answer (a) is the correct answer
3.
\$600.00 at 5.2% for 10 years.
\$312.00
\$3,120.00
\$301.20
\$31.20
Working the problem:
\$600.00 at 5.2% for 10 years.
I = PRT
600 x 0.052 x 10
600 x 0.052 = 31.2
31.2 x 10 = 312
I = \$312.00
Answer (a) is the correct answer
4.
\$3,511.00 at 7.13% for 7 years.
\$5,712.13
\$7,152.13
\$1,572.31
\$1,752.31
Working the problem:
\$3,511.00 at 7.13% for 7 years.
I = PRT
3,511 x 0.0713 x 7
3,511 x 0.0713 = 250.33
250.33 x 7 = 1,752.31
I = \$1,752.31
Answer (d) is the correct answer
5.
\$1,519.25 at 4.87% for 3 years.
\$212.97
\$221.97
\$122.97
\$1,220.97
Working the problem:
\$1,519.25 at 4.87% for 3 years.
I = PRT
1,519.25 x 0.0487 x 3
1,519.25 x 0.0487 = 73.99
73.99 x 3 = 221.97
I = \$221.97
Answer (b) is the correct answer
6.
\$64,725.00 at 8% for 20 years.
\$1,356.00
\$10,356.00
\$103,560.00
\$1,035.60
Working the problem:
\$64,725.00 at 8% for 20 years.
I = PRT
64,725 x 0.08 x 20
64,725 x 0.08 = 5,178
5,178 x 20 = 103,560
I = \$103,560.00
Answer (c) is the correct answer
7.
\$435.00 at 2.83% for 2 years.
\$46.22
\$64.22
\$24.62
\$22.46
Working the problem:
\$435.00 at 2.83% for 2 years.
I = PRT
435 x 0.0283 x 2
435 x 0.0283 = 12.31
12.31 x 2 = 24.62
I = \$24.62
Answer (c) is the correct answer
8.
\$2,200.00 at 4.15% for 4 years.
\$36.52
\$365.20
\$3,652.00
\$36,520.00
Working the problem:
\$2,200.00 at 4.15% for 4 years.
I = PRT
2200 x 0.0415 x 4
2200 x 0.0415 = 91.3
91.3 x 4 = 365.20
I = \$365.20
Answer (b) is the correct answer
9.
\$125,000.00 at 6.75% for 30 years.
\$235,512.00
\$25,312.50
\$2,351.25
\$253,125.00
Working the problem:
\$125,000.00 at 6.75% for 30 years.
I = PRT
125,000 x 0.0675 x 30
125,000 x 0.0675 = 8,437.5
8,437.5 x 30 = 253,125
I = \$253,125.00
Answer (d) is the correct answer
10.
\$50.00 at 3.5% for 1 year.
\$1.75
\$17.50
\$175.00
\$71.05
Working the problem:
\$50.00 at 3.5% for 1 year.
I = PRT
50 x 0.035 x 1
50 x 0.035 = 1.75
1.75 x 1 = 1.75
I = \$1.75
Answer (a) is the correct answer
Author:  Christine G. Broome

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