Mrc Simple Interest Quiz 1
5 Questions
| Attempts: 15
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The formula for simple interest is..
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P = IRT/100
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I = PRT/100
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I = PRT/10
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P = IRT/P
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- 2.
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..
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I = (6000 x 12 x 24)/100
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I = (1440 x 12 x 24)/100
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I = (6000 x 12 x 2)/100
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I = (1440 x 12 x 2)/100
Correct Answer
A. I = (6000 x 12 x 2)/100 -
- 3.
$15,000 is invested at 6% p.a for 42 months. What is the time period in years?
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4.2 years
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4 years
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3.5 years
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3 years
Correct Answer
A. 3.5 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?
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4.5
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$4000
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30
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$450
Correct Answer
A. $4000 -
- 5.
Principal is the...
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Amount of money borrowed or loaned
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Amount of simple interest
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The period of time, usually expressed in years
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Rate per unit time; usually per annum.
Correct Answer
A. Amount of money borrowed or loaned -
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Apr 06, 2020Quiz Edited by
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Apr 06, 2020Quiz Created by
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