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Grade 7 Math · Tax, Discounts and Simple Interest

Grade 7 Tax, Discounts and Simple Interest Practice Test

Build Grade 7 Math skills with five 10-question practice tests on sales tax, discounts, combined price changes, and simple interest.

Tax, Discounts and Simple Interest Practice Tests

These Grade 7 Math practice tests help students apply percentages to purchases and financial situations. Students work with sales tax, discounts, original and final prices, combined discount-and-tax calculations, and simple interest.

Skills covered

  • Finding sales tax and total purchase costs
  • Calculating discounts and sale prices
  • Applying a discount and tax in the correct order
  • Finding an original price, tax rate, or discount rate
  • Using the simple-interest formula I = Prt
  • Finding principal, rate, time, interest, and total amount

How to use these practice tests

Convert each percentage to a decimal before multiplying. Apply a discount to the original price first, then calculate tax on the discounted price when the problem gives both. For simple interest, use I = Prt, where P is the principal, r is the annual rate as a decimal, and t is time in years.

For more Grade 7 Math practice, return to the Grade 7 Math category.

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Grade 7 Tax, Discounts and Simple Interest Practice Tests

A 10-question Grade 7 Math practice test on sales tax, discounts, combined price changes, and simple interest.

Convert percentages to decimals, apply tax or discount to the correct price, and use the simple-interest formula I = Prt when appropriate.

10 Questions
0/10 Questions0 %
Correct 0
Incorrect 0
Unanswered 10
1. QuestionMultiple choice

An account earns $10 simple interest on a $100 principal. What is the total amount?

Please select an answer first.

Correct answer: A

The correct answer is $110.

  1. Identify the values and rate: Separate the original price or principal from the tax, discount, interest rate, and time information.
  2. Apply the appropriate formula: The total amount is principal plus interest: A=P+I=100+10=110A=P+I=100+10=110 dollars.
  3. Check the result: Estimate the percentage of the original amount and confirm that the result is reasonable.

The total amount is principal plus interest: A=P+I=100+10=110A=P+I=100+10=110 dollars.

2. QuestionMultiple choice

How much is in an account after $500 earns simple interest at 4%4\% per year for 3 years?

Please select an answer first.

Correct answer: B

The correct answer is $560.

  1. Identify the values and rate: Separate the original price or principal from the tax, discount, interest rate, and time information.
  2. Apply the appropriate formula: The interest is I=500⋅0.04⋅3=60I=500\cdot0.04\cdot3=60. Then A=500+60=560A=500+60=560 dollars.
  3. Check the result: Estimate the percentage of the original amount and confirm that the result is reasonable.

The interest is I=500⋅0.04⋅3=60I=500\cdot0.04\cdot3=60. Then A=500+60=560A=500+60=560 dollars.

3. QuestionMultiple choice

How much simple interest does $750 earn at 2%2\% per year for 4 years?

Please select an answer first.

Correct answer: C

The correct answer is $60.

  1. Identify the values and rate: Separate the original price or principal from the tax, discount, interest rate, and time information.
  2. Apply the appropriate formula: Use I=750⋅0.02⋅4=60I=750\cdot0.02\cdot4=60. The interest is $60.
  3. Check the result: Estimate the percentage of the original amount and confirm that the result is reasonable.

Use I=750⋅0.02⋅4=60I=750\cdot0.02\cdot4=60. The interest is $60.

4. QuestionMultiple choice

How much is in an account after $1,200 earns simple interest at 5%5\% per year for 2 years?

Please select an answer first.

Correct answer: D

The correct answer is $1,320.

  1. Identify the values and rate: Separate the original price or principal from the tax, discount, interest rate, and time information.
  2. Apply the appropriate formula: The interest is I=1200⋅0.05⋅2=120I=1200\cdot0.05\cdot2=120. Then A=1200+120=1320A=1200+120=1320 dollars.
  3. Check the result: Estimate the percentage of the original amount and confirm that the result is reasonable.

The interest is I=1200⋅0.05⋅2=120I=1200\cdot0.05\cdot2=120. Then A=1200+120=1320A=1200+120=1320 dollars.

5. QuestionMultiple choice

How much simple interest does $900 earn at 3%3\% per year for 5 years?

Please select an answer first.

Correct answer: A

The correct answer is $135.

  1. Identify the values and rate: Separate the original price or principal from the tax, discount, interest rate, and time information.
  2. Apply the appropriate formula: Use I=900⋅0.03⋅5=135I=900\cdot0.03\cdot5=135. The interest is $135.
  3. Check the result: Estimate the percentage of the original amount and confirm that the result is reasonable.

Use I=900⋅0.03⋅5=135I=900\cdot0.03\cdot5=135. The interest is $135.

6. QuestionMultiple choice

How much is in an account after $250 earns simple interest at 6%6\% per year for 4 years?

Please select an answer first.

Correct answer: B

The correct answer is $310.

  1. Identify the values and rate: Separate the original price or principal from the tax, discount, interest rate, and time information.
  2. Apply the appropriate formula: The interest is I=250⋅0.06⋅4=60I=250\cdot0.06\cdot4=60. Then A=250+60=310A=250+60=310 dollars.
  3. Check the result: Estimate the percentage of the original amount and confirm that the result is reasonable.

The interest is I=250⋅0.06⋅4=60I=250\cdot0.06\cdot4=60. Then A=250+60=310A=250+60=310 dollars.

7. QuestionMultiple choice

An account earns $72 simple interest on $600 in 2 years. What is the annual interest rate?

Please select an answer first.

Correct answer: C

The correct answer is 6%6\%.

  1. Identify the values and rate: Separate the original price or principal from the tax, discount, interest rate, and time information.
  2. Apply the appropriate formula: Solve r=I÷(Pt)=72÷(600⋅2)=0.06=6%r=I\div(Pt)=72\div(600\cdot2)=0.06=6\%.
  3. Check the result: Estimate the percentage of the original amount and confirm that the result is reasonable.

Solve r=I÷(Pt)=72÷(600⋅2)=0.06=6%r=I\div(Pt)=72\div(600\cdot2)=0.06=6\%.

8. QuestionMultiple choice

A $1,000 investment earns $150 simple interest at 5%5\% per year. How long was it invested?

Please select an answer first.

Correct answer: D

The correct answer is 33 years.

  1. Identify the values and rate: Separate the original price or principal from the tax, discount, interest rate, and time information.
  2. Apply the appropriate formula: Solve t=I÷(Pr)=150÷(1000⋅0.05)=3t=I\div(Pr)=150\div(1000\cdot0.05)=3 years.
  3. Check the result: Estimate the percentage of the original amount and confirm that the result is reasonable.

Solve t=I÷(Pr)=150÷(1000⋅0.05)=3t=I\div(Pr)=150\div(1000\cdot0.05)=3 years.

9. QuestionMultiple choice

An account earns $48 simple interest on $400 at 4%4\% per year. How long was it invested?

Please select an answer first.

Correct answer: A

The correct answer is 33 years.

  1. Identify the values and rate: Separate the original price or principal from the tax, discount, interest rate, and time information.
  2. Apply the appropriate formula: Solve t=I÷(Pr)=48÷(400⋅0.04)=3t=I\div(Pr)=48\div(400\cdot0.04)=3 years.
  3. Check the result: Estimate the percentage of the original amount and confirm that the result is reasonable.

Solve t=I÷(Pr)=48÷(400⋅0.04)=3t=I\div(Pr)=48\div(400\cdot0.04)=3 years.

10. QuestionMultiple choice

An $800 investment grows to $896 with simple interest at 4%4\% per year. How long was it invested?

Please select an answer first.

Correct answer: B

The correct answer is 33 years.

  1. Identify the values and rate: Separate the original price or principal from the tax, discount, interest rate, and time information.
  2. Apply the appropriate formula: The interest is 896−800=96896-800=96. Solve t=96÷(800⋅0.04)=3t=96\div(800\cdot0.04)=3 years.
  3. Check the result: Estimate the percentage of the original amount and confirm that the result is reasonable.

The interest is 896−800=96896-800=96. Solve t=96÷(800⋅0.04)=3t=96\div(800\cdot0.04)=3 years.

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Frequently asked questions about Grade 7 Tax, Discounts and Simple Interest

What topics are covered?

The page covers sales tax, discounts, final and original prices, combined price changes, simple interest, rates, principal, time, and total amount.

What formula is used for simple interest?

Use I = Prt, where I is interest, P is principal, r is the annual interest rate written as a decimal, and t is time in years.

How many questions are on this page?

The page includes five mini tests with 10 questions each, for 50 Grade 7 Tax, Discounts and Simple Interest questions in total.