This quiz works best with JavaScript enabled. Home > Unit V Mathematical Reasoning And Aptitude > Simple Interest – Quiz 18 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Simple Interest Quiz 18 (10 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Interest is ..... A) Extra money paid for borrowing. B) Interesting. C) Flocabulary songs. D) Time times rate. Show Answer Correct Answer: A) Extra money paid for borrowing. 2. Sarah has $ 70 in a savings account that earns 10 % interest per year. The interest is not compounded. How much interest will she earn in 1 year? Use the formula i = prt, where i is the interest earned, p is the principal (starting amount), r is the interest rate expressed as a decimal, and t is the time in years. A) $ 5.86. B) $ 2. C) $ 7.534. D) $ 7. Show Answer Correct Answer: D) $ 7. 3. Iris has earned $ 813 in interest on her investment. She made her only deposit in it seven years ago. Given that the investment yields 3.7% simple interest annually, how big was the initial deposit?A. $ 1,806B. $ 2,282C. $ 3138D. $ 3945 A) A. B) B. C) C. D) D. Show Answer Correct Answer: C) C. 4. Robert deposits $ 3,000 into his savings account at Wells Fargo which earns him 8%. What is the total amount he has after two years? A) $ 3,480. B) $ 4,800. C) $ 480. D) $ 48. Show Answer Correct Answer: A) $ 3,480. 5. Jacob invested $ 400 into a savings account that earned simple interest at a rate of 1.25%. He plans to keep it in the account for the next 10 years. How much interest would he gain in the account after 10 years? A) $ 50. B) $ 450. C) $ 500. D) $ 5,000. Show Answer Correct Answer: A) $ 50. 6. What does the "p" in the interest form stand for? A) Principal. B) Interest. C) Rate. D) Time. Show Answer Correct Answer: A) Principal. 7. Clint earned $ 1,155 in interest from his simple interest account over the last 5 years. The account pays 1.25% interest annually. How much did Clint originally deposit in his account? A) $ 72.19. B) $ 18,480.00. C) $ 4,620.00. D) $ 1,848.00. Show Answer Correct Answer: B) $ 18,480.00. 8. Sam borrowed $ 4,500 for 2 years and had to pay $ 630 simple interest at the end of that time. What rate of interest did he pay? A) 6%. B) 7%. C) 8%. D) 9%. Show Answer Correct Answer: B) 7%. 9. Calculate the simple interest on a loan of $ 3300 at 11% per annum. A) $ 11. B) $ 363. C) $ 300. D) $ 3000. Show Answer Correct Answer: B) $ 363. 10. Find the simple interest earned when the principal is N400 at a rate of 3% held in the bank for 2 years. A) N30. B) N54. C) N24. D) N40. Show Answer Correct Answer: C) N24. ← 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