This quiz works best with JavaScript enabled. Home > Unit V Mathematical Reasoning And Aptitude > Simple Interest – Quiz 12 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Simple Interest Quiz 12 (10 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the correct definition of interest? A) Money paid to you by a bank for the money you have in a bank account. B) Put into a bank account. C) To borrow something. D) None of above. Show Answer Correct Answer: A) Money paid to you by a bank for the money you have in a bank account. 2. Lauren has $ 100 in a savings account that earns 10% interest annually. How much interest will she earn in 2 years? A) $ 20. B) $ 2. C) $ 200. D) $ 0.20. Show Answer Correct Answer: A) $ 20. 3. At 5% per annum simple interest, Rahul borrowed Rs. 500. What amount will he pay to clear the debt after 4 years? A) 750. B) 700. C) 650. D) None of these. Show Answer Correct Answer: D) None of these. 4. Sarah borrowed $ 18,000 for 4 years at an annual simple interest rate of 7%. How much interest will she pay at the end of the 4 years? A) $ 5040. B) $ 23040. C) $ 504000. D) $ 18000. Show Answer Correct Answer: A) $ 5040. 5. Tom deposits $ 300 in a savings account at Wells Fargo that pays 4% interest annually. How much money will Tom earn in interest after 9 months? A) $ 10,800. B) $ 900. C) $ 9. D) $ 108. Show Answer Correct Answer: C) $ 9. 6. If you are calculating the simple interest and you are given the time in months. How can you find the time in years? A) Divide 12 by the months. B) Divide the months by 12. C) Multiply 12 times the months. D) Change the months to a decimal. Show Answer Correct Answer: B) Divide the months by 12. 7. You invest $ 3,000 in a bank account paying 6.5% simple interest annually. How much interest will you receive after 30 months? A) $ 48,750. B) $ 585,000. C) $ 5,850. D) $ 487.50. Show Answer Correct Answer: D) $ 487.50. 8. A sum of Rs 5000 is invested at 8% simple interest per annum. Calculate the interest at the end of 2nd year A) Rs 800. B) Rs 900. C) Rs 1000. D) Rs 850. Show Answer Correct Answer: A) Rs 800. 9. Dan borrows $ 1200 from a bank with 8% simple interest per year. How much will he have to pay back IN TOTAL after 2 years? A) $ 150. B) $ 1350. C) $ 192. D) $ 1392. Show Answer Correct Answer: D) $ 1392. 10. A student's parents invested $ 5,000 in a college savings account that pays 4.85% annual simple interest. No additional deposits or withdrawals will be made. Which amount is closest to the interest earned on the account at the end of 15 years? A) $ 5,174.11. B) $ 10,174.11. C) $ 3,637.50. D) $ 8,637.50. Show Answer Correct Answer: C) $ 3,637.50. ← 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 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books