# Mrc Financial Maths 3

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Quizzes Created: 2 | Total Attempts: 87
Questions: 5 | Attempts: 37  Settings  .

• 1.

### Bruce invests \$3,500 at 8% p.a. simple interest, for a period of time, to produce \$210 interest. For how long did he invest the money?

• A.

1.3 years

• B.

0.0048 years

• C.

1.3 months

• D.

13 years

A. 1.3 years
Explanation
Bruce invested \$3,500 at an interest rate of 8% per year. The interest earned on this investment was \$210. To find the time period for which he invested the money, we can use the formula for simple interest: Interest = Principal × Rate × Time. Plugging in the given values, we have \$210 = \$3,500 × 0.08 × Time. Solving for Time, we get Time = \$210 / (\$3,500 × 0.08) = 1.3 years. Therefore, Bruce invested the money for 1.3 years.

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• 2.

### Daniel invests \$5,000 earns \$6,000 simple interest in 12 years. Calculate the interest rate.

• A.

100%

• B.

1%

• C.

10%

• D.

0.1%

C. 10%
Explanation
Daniel invested \$5,000 and earned \$6,000 in interest over a period of 12 years. To calculate the interest rate, we can divide the interest earned (\$6,000) by the principal amount invested (\$5,000) and then divide the result by the number of years (12). This gives us a decimal value of 0.1. To convert this to a percentage, we multiply by 100, which gives us 10%. Therefore, the interest rate is 10%.

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• 3.

### Abbie invests \$2,500 at 8% p.a. simple interest for a period of time and receives \$50 interest. For how long (in months) did she invest the money?

• A.

25 months

• B.

.25 months

• C.

3 years

• D.

3 months

D. 3 months
Explanation
Abbie invested \$2,500 at a simple interest rate of 8% per annum and received \$50 in interest. To find the time period of the investment, we can use the formula: Interest = Principal x Rate x Time. Plugging in the given values, we have \$50 = \$2,500 x 0.08 x Time. Solving for Time, we find that Time = 3 months. Therefore, Abbie invested the money for 3 months.

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• 4.

### Jasmeen invests \$400 and earns \$80 simple interest in 2 years. Calculate the interest rate.

• A.

11%

• B.

0.1%

• C.

1%

• D.

10%

D. 10%
Explanation
Jasmeen invested \$400 and earned \$80 in 2 years. To calculate the interest rate, we can use the formula: Interest = Principal × Rate × Time. Plugging in the given values, we have 80 = 400 × Rate × 2. Solving for Rate, we get Rate = 80 / (400 × 2) = 0.1, which is equal to 10%. Therefore, the interest rate is 10%.

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