Mrc Simple Interest Quiz 1

5 Questions | Total Attempts: 15

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Mrc Simple Interest Quiz 1


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

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