This quiz works best with JavaScript enabled. Home > Unit V Mathematical Reasoning And Aptitude > Simple Interest – Quiz 10 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Simple Interest Quiz 10 (10 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the formula for simple interest? A) A=P(1+r)$^{t}$. B) I=Prt. C) I=P(1+r)t. D) A=Prt. Show Answer Correct Answer: B) I=Prt. 2. Jess borrows $ 300 from the bank. The bank charges 8% simple interest over 2 years. How much will Jess owe the bank at the end of 2 years? A) $ 458. B) $ 348. C) $ 252. D) $ 48. Show Answer Correct Answer: B) $ 348. 3. Evelyn deposited $ 23,750 in a savings account that earns 5.3% simple interest. Evelyn has not made any deposits or withdrawals since she opened the account. Approximately how many years have passed since Evelyn opened the account if her latest balance is $ 28,785? A) $4$. B) 4 Mathematical EquivalenceOFFTags8.12D. Show Answer Correct Answer: A) $4$. 4. What is the simple interest on a housing loan of $ 350,000, over 30 years with a rate of 4.5%? A) $ 350,00. B) $ 47,250. C) $ 350,000. D) $ 472,500. Show Answer Correct Answer: D) $ 472,500. 5. What does the P in I =PRT mean? A) Power. B) Principal. C) Product. D) Percent. Show Answer Correct Answer: B) Principal. 6. Pennywise puts $ 300 in a bank account earning 4% interest. How much will he earn in interest in 1 year? A) 4. B) 8. C) 12. D) 16. Show Answer Correct Answer: C) 12. 7. How much interest is earned over 15 years on an investment of $ 7,000 with an annual interest rate of 9.25%? A) $ 9,712.50. B) $ 647.50. C) $ 16,712.50. D) $ 7,043.17. Show Answer Correct Answer: A) $ 9,712.50. 8. If you are on a simple interest question and it asks you to solve for the total amount of money in an account, what extra step do you have to do? A) Add the principal amount to the interest amount. B) Subtract the total amount from the principal amount. C) Multiply the principal and interest amounts. D) Divide the principal amount by the interest amount. Show Answer Correct Answer: A) Add the principal amount to the interest amount. 9. Find the interest rate if the principal amount is $ 400 and after 5 years the interest earned was $ 90. A) 22.23%. B) 14%. C) 8.2%. D) 4.5%. Show Answer Correct Answer: D) 4.5%. 10. What does the "p" in the interest formula stand for? A) Principal. B) Interest. C) Rate. D) Time. Show Answer Correct Answer: A) Principal. ← PreviousNext →Related QuizzesSimple Interest Quiz 1Simple Interest Quiz 2Simple Interest Quiz 3Simple Interest Quiz 4Simple Interest Quiz 5Simple Interest Quiz 6Simple Interest Quiz 7Simple Interest Quiz 8Simple Interest Quiz 9Simple Interest Quiz 11 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books