Simple interest is the part of math and the formula is A = P(1 + rt). Take this quiz and solve all these questions related to simple interest
Encouragement
Punishment
Trick
None of the above
Most American banks offer interest rates below 10 percent
Interest can be compounded yearly, monthly, or even daily
An interest rate of 20 percent ,compounded monthly, is too high
None of the above
Simple interest is paid on the principal plus accurate interest; simple interest is paid only on the principal
Compound interest is paid on the principal plus accurate interest
Compound interest is paid out once a month; simple interest is paid only on the principal
None of the above
The more money you have in the bank, the less interest you accumulate
The more money you have in the bank, the less interest you pay
The more money you have in the blank, the more interest you accumulate
None of the above
It allows them to make profits by lending money
It ensures that borrowers will pay them back
It discourages people from borrowing money from their friends
None of the above
You pay interest when you borrow money and earn interest when you loan money
You earn interest when you borrow money and pay interest when you loan money
You pay interest both when you borrow and loan money
None of the above
$70.00
$66.30
$63.60
$80.00
$103.20
$63.60
$120.00
$64.60
It's not worth calculating unless you make a large initial deposit
Very few banks offer it
It allows people with savings accounts to accumulate more money than they would with simple interest
None of the above
People would open fewer bank accounts, and banks would offer fewer loans
People would open more bank accounts, and banks would offer more loans
People would open fewer bank accounts, but banks would offer more loans
None of the above