This quiz works best with JavaScript enabled. Home > Unit V Mathematical Reasoning And Aptitude > Simple Interest – Quiz 20 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Simple Interest Quiz 20 (10 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Amount is equal to .....? A) Rate + Time. B) Principal + Interest. C) Interest + Rate. D) Principal + Time. Show Answer Correct Answer: B) Principal + Interest. 2. Find the simple interest paid on a deposit of $ 225 at a rate of 1.5% over 2 years. A) $ 6.75. B) $ 3.375. C) $ 2,278.13. D) $ 6,750. Show Answer Correct Answer: A) $ 6.75. 3. Gabby invested $ 100 into a savings account that earned simple interest at a rate of 1.5%. She plans to keep the money in the account for the next ten years. How much would she have in the account at the end of ten years? A) $ 15. B) $ 115. C) $ 116.05. D) $ 1,500. Show Answer Correct Answer: B) $ 115. 4. Dan borrowed $ 2,000 for 6 months at 12% annual simple interest rate. How much interest is that? A) $ 120. B) $ 144. C) $ 1,200. D) $ 1,440. Show Answer Correct Answer: A) $ 120. 5. Jaime wants to earn $ 500 in interest so she'll have enough to buy a used car. She puts $ 2,000 into an account that earns 2.5% interest. How long will she need to leave her money in the account to earn $ 500? A) 10 years. B) 1 year. C) 5 years. D) .1 years. Show Answer Correct Answer: A) 10 years. 6. Calculate the interest. I = PRT, Principal = $ 10000, Rate = 7%, Time = 20 years A) 1400. B) 1000. C) 14000. D) 14. Show Answer Correct Answer: C) 14000. 7. What does the "r" in the interest formula stand for? A) Principal. B) Interest. C) Rate. D) Time. Show Answer Correct Answer: C) Rate. 8. You opened a savings account at NBD and deposit $ 5000. NBD promises 2% interest per annum. How much money will be in the account after 1 year? A) $ 100. B) $ 5100. C) $ 4900. D) $ 5002. Show Answer Correct Answer: B) $ 5100. 9. When Lisa was born, her parents put $ 8,000 into a college fund account that earned 9% simple interest. Find the amount of interest earned after 18 years. A) $ 720. B) $ 1,080. C) $ 20,960. D) $ 12,960. Show Answer Correct Answer: D) $ 12,960. 10. How do you calculate the balance in an account, with interest? A) Subtract the interest from the principle amount. B) Multiply the principle, rate and time. C) Add the interest to the principle amount. D) Add the principle amount and the time. Show Answer Correct Answer: C) Add the interest to the principle amount. ← 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