This quiz works best with JavaScript enabled. Home > Unit V Mathematical Reasoning And Aptitude > Simple Interest – Quiz 24 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Simple Interest Quiz 24 (10 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. If Jarvis borrow $ 675 for six years at a simple interest rate of 10%, how much interest will he pay? A) $ 504. B) $ 1048. C) $ 405. D) $ 1055. Show Answer Correct Answer: C) $ 405. 2. If the simple interest on the principal for 2 years at 5% per year is $ 200, what is the principal? A) $ 2000. B) $ 1000. C) $ 4000. D) $ 5000. Show Answer Correct Answer: A) $ 2000. 3. At what rate of simple interest will Rs. 7800 earn Rs. 260 in 8 months A) 2%. B) 5%. C) 4%. D) 3%. Show Answer Correct Answer: B) 5%. 4. Suna had $ 150 000 in her bank account. The bank paid 4% interest at the end of each year. How much interest did she earn at the end of 1 year? A) $ 6000. B) $ 1000. C) $ 16000. D) $ 20000. Show Answer Correct Answer: A) $ 6000. 5. Makayla invested $ 150. She earned a simple interest of 5% per year on the initialinvestment. If no money was added or removed from the investment, what was the amount of interest Makayla received at the end of three years? Formula I=PRT A) $ 22.50. B) $ 5. C) $ 12.50. D) $ 15. Show Answer Correct Answer: A) $ 22.50. 6. Payment made for the use of borrowed money is called A) Financial Institution. B) Creditors. C) Interest. D) Secured. Show Answer Correct Answer: C) Interest. 7. What would be the total amount of your student loan, if you had to pay back a loan of $ 10,550, at a simple interest rate of 3% over the course of 10 years? A) $ 13,715. B) $ 3165. C) $ 31,650. D) $ 10,550. Show Answer Correct Answer: A) $ 13,715. 8. Ethan borrowed $ 2,190 for a new dirt bike. He will pay the money back in 3 years with a simple interest rate of 2.5%. How much interest will he pay? A) $ 164.25. B) $ 172.75. C) $ 1,642.50. D) $ 1,727.50. E) $ 2,354.25. Show Answer Correct Answer: A) $ 164.25. 9. How long do you need in order to earn $ 5704.00 in interest at a rate of 4.6% with an original invested amount of $ 15,500? A) 20 Years. B) 8 Years. C) 1 Year. D) 3 Years. Show Answer Correct Answer: B) 8 Years. 10. Calculate the interest. I = PRT, Principal = $ 1000, Rate = 6%, Time = 2 years A) $ 100. B) $ 120. C) $ 180. D) 1200. Show Answer Correct Answer: B) $ 120. ← 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