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Simple Interest Quiz 17 (10 MCQs)

Quiz Instructions

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1. The method of calculating interest once during the entire life of the loan, on the original sum borrowed, is known as:
2. Sahil took a loan for 6 years at the rate of 5% per annum on Simple Interest, If the total interest paid was Rs. 1230, the principal was?
3. Mr. Abhi sold goods to Mr.Sudhir on April 1, 2019 and accepted a bill of Rs.18,000 for 3 months on the same day. On 2nd July, 2019 Mr.Sudhir requested to draw a new bill for 2 months with interest @6% p.a. amount of interest will be:
4. Mr. Pham has $ 410,000 in a retirement account that earns 3.85% simple interest each year. Determine the amount earned each year by this investment.
5. A simple interest account earns $ 75 at a rate of 1.5% over the course of 5 years. What was the principal amount on the account?
6. Christine takes out a 4-year simple interest car loan for $ 15000 at a 3% interest rate. Is she does not make any payments, how much interest will she owe at the end of 4 years?
7. Dan borrowed $ 2,000 for 6 months at 12% annual simple interest rate. How much interest is that? Remember your time has to be in YEARS!! 6 months is half of a year or.5
8. Compound interest (compounded annually) on a certain sum of money for 2 years at 4% per annum is Rs. 102. The simple interest on the same sum for the same rate and for the same period will be
9. Find the interest: $ 26,500 at 12% for 7 years
10. Interest rates
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