This quiz works best with JavaScript enabled. Home > Unit V Mathematical Reasoning And Aptitude > Simple Interest – Quiz 23 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Simple Interest Quiz 23 (10 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. How much interest would you earn if you deposited $ 575 for 3 months at 2.88% simple interest? A) $ 4.14. B) $ 4,968. C) About $ 400. D) $ 1,725. Show Answer Correct Answer: A) $ 4.14. 2. An investor puts $ 2,500 into a life insurance policy that pays 8.5% simple annual interest. If no additional investment is made into the policy, how much accumulated interest should the investor expect at the end of 10 years? A) $ 21,250.00. B) $ 2,125.00. C) $ 212.50. D) $ 21.25. Show Answer Correct Answer: B) $ 2,125.00. 3. Rachel invested $ 2,700 in a savings account earning 7% simple interest. If she invests for 2 years, how much money will she have in total? A) $ 3,078. B) $ 378. C) $ 40,500. D) $ 4536. Show Answer Correct Answer: A) $ 3,078. 4. You open a savings account that earns 0.85% annual simple interest. After 3 years, you earn $ 306 on your initial deposit. If you didn't make any additional deposits or withdrawals, what was your initial deposit? A) $ 3,600. B) $ 1,200. C) $ 36,000. D) $ 12,000. Show Answer Correct Answer: D) $ 12,000. 5. This mysterious hand went to the mall and saw a massage chair that he would have to take a loan out to purchase. The total of the loan was $ 6600. The bank said that he could get a simple interest rate of 8% for 5 years. What is the total amount that the mysterious hand will pay for the chair? A) $ 2600. B) $ 924. C) $ 9240. D) $ 260. Show Answer Correct Answer: C) $ 9240. 6. (From the formula for Simple Interest) What does PNR stand for? A) P=Price, R=Rate of interest and N=Time duration (in years). B) P=Principal amount, R=Rate of interest and N=Time duration (in years). C) P=Percentage, R=Rate of interest and N=Networth. D) None of above. Show Answer Correct Answer: B) P=Principal amount, R=Rate of interest and N=Time duration (in years). 7. Simple interest at a rate of 5% per annum is paid on an investment of $ 2000. The term of the investment is chosen so that the total interest earned will be at least $ 375. The minimum term for this investment, to the nearest month, is: A) 36 months. B) 40 months. C) 42 months. D) 45 months. E) 48 months. Show Answer Correct Answer: D) 45 months. 8. Caden has $ 20 in a savings account. The simple interest rate is 10% per year. How much interest will he earn in 4 years? (I=Prt) A) $ 60.00. B) $ 40.00. C) $ 8.00. D) $ 28.00. Show Answer Correct Answer: C) $ 8.00. 9. Mr. Peterson wrote a check for $ 7,820 to pay off the interest on a loan which was given to him at a rate of 5% simple interest for 4 years. How much money did he originally borrow? A) $ 3,910. B) $ 391. C) $ 1,955. D) $ 39,100. Show Answer Correct Answer: D) $ 39,100. 10. Principal = $ 500 Interest rate =5% Time = 5 years Using the formula I=prt, what is the interest earned? A) 95. B) 105. C) 125. D) 135. Show Answer Correct Answer: C) 125. ← 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