# Mrc Simple Interest Quiz 1

5 Questions | Total Attempts: 15  Settings  • 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 Back to top