Mrc Simple Interest Quiz 1
5 Questions
| Total Attempts: 15
Questions and Answers
- 1.Principal is the...
- A.
Amount of money borrowed or loaned
- B.
Amount of simple interest
- C.
The period of time, usually expressed in years
- D.
Rate per unit time; usually per annum.
- 2.The formula for simple interest is..
- A.
P = IRT/100
- B.
I = PRT/100
- C.
I = PRT/10
- D.
P = IRT/P
- 3.$15,000 is invested at 6% p.a for 42 months. What is the time period in years?
- A.
4.2 years
- B.
4 years
- C.
3.5 years
- D.
3 years
- 4.Sarah and Robert plan to invest some money for their child Ryan. They invest $4000 for 30 months in an account that pays 4.5% p.a. At the end of 30 months, they will have earned $450 interest. What was the principle amount?
- A.
4.5
- B.
$4000
- C.
30
- D.
$450
- 5.Laura and Paul invest $6000 at 12% p.a. for a period of 24 months. Laura and Paul earn $1,440 interest from their investment. Your working out to find the interest should look like..
- A.
I = (6000 x 12 x 24)/100
- B.
I = (1440 x 12 x 24)/100
- C.
I = (6000 x 12 x 2)/100
- D.
I = (1440 x 12 x 2)/100
Quiz Description
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