This quiz works best with JavaScript enabled. Home > Unit V Mathematical Reasoning And Aptitude > Simple Interest – Quiz 25 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Simple Interest Quiz 25 (6 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. In the formula I=PxRxT, what does P stand for when investing?A. Percent: the interest rate expressed as a percentageB. Principal: the amount of money you initially investedC. Period: how often the interest is calculatedD. Payout: how much money you end up with A) A. B) B. C) C. D) D. Show Answer Correct Answer: B) B. 2. What is the simple interest on a loan of $ 2000 at a rate of 5% per year for 3 years? A) $ 300. B) $ 100. C) $ 150. D) $ 200. Show Answer Correct Answer: A) $ 300. 3. What is the simple interest paid to the nearest cent for each principal, interest rate, and time?$ 1,000, 5%, 2 years A) $ 10,000. B) $ 1,000. C) $ 100. D) $ 50. Show Answer Correct Answer: C) $ 100. 4. Tina invested $ 2,000 in a simple interest account and earned 8% rate for 5 years. What is the interest that she earned on the account? A) $ 160. B) $ 800. C) $ 80,000. D) $ 16. Show Answer Correct Answer: B) $ 800. 5. Fuad received a 120 days promissory note with a face value of RM6000 at an interest rate of 12%. He then sold the note to a bank after hold for 100 days. Find discount period. A) 120 days. B) 100 days. C) 220 days. D) 20 days. Show Answer Correct Answer: D) 20 days. 6. Sarah borrowed $ 18,000 for 4 years at an annual simple interest rate of 7%. What is the total amount she will repay for the car loan? A) $ 504,000. B) $ 5,040. C) $ 23,040. D) $ 18,000. Show Answer Correct Answer: C) $ 23,040. ← PreviousRelated 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