This quiz works best with JavaScript enabled. Home > Unit V Mathematical Reasoning And Aptitude > Simple Interest – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Simple Interest Quiz 6 (10 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. I invest $ 42,000 at an interest rate of 5%. If I earn $ 12,600 in interest, how long did my investment last? A) 175 months. B) 6 years. C) 67 years. D) 42 months. Show Answer Correct Answer: B) 6 years. 2. The simple interest formula is I=Prt. The P represents the principle. The principle is ..... A) The amount of money borrowed or deposited. B) The amount taxed. C) The percent interest for this year. D) The amount the bank owes you for being a customer at their bank. Show Answer Correct Answer: A) The amount of money borrowed or deposited. 3. What interest rate is needed for $ 9,500 to earn $ 900 in 19 months? Round to the neareset tenths of a percent. A) 5.45%. B) 6%. C) .06%. D) 6.8%. Show Answer Correct Answer: B) 6%. 4. A percent of an amount borrowed that is paid to the lender in addition to the amount borrowed A) Percent Increase. B) Percent decrease. C) Simple Interest. D) None of above. Show Answer Correct Answer: C) Simple Interest. 5. Find the interest rate:Principal: $ 4,900Interest:$ 191.10Time: 1.5 years A) 171%. B) 17.1%. C) 0.026%. D) 2.6%. Show Answer Correct Answer: D) 2.6%. 6. Find the Simple Interest. A) Rs. 2450. B) Rs. 6540. C) Rs. 5250. D) Rs. 4620. Show Answer Correct Answer: C) Rs. 5250. 7. You borrowed $ 28 from your parents to buy a new video game, and they set a interest rate of 15% per month. How much interest do you owe in one month? A) $ 5.60. B) $ 4.20. C) $ 2.80. D) $ 3.75. Show Answer Correct Answer: B) $ 4.20. 8. Terry's mother is setting up a college fund account for Terry. Terry is 6 years old. Terry's mother will deposit $ 9,000 in a CD that earns 3% simple interest annually. How much interest will the college account earn over a 7-year period? A) $ 1,890. B) $ 1,620. C) $ 270. D) $ 10,890. Show Answer Correct Answer: A) $ 1,890. 9. Find the simple interest paid on an investment of $ 350 at a rate of 4.5% for 36 months. A) $ 4,725. B) $ 567. C) $ 42. D) $ 47.25. Show Answer Correct Answer: D) $ 47.25. 10. Daniel took a $ 20 000 loan from a bank. He paid 6% interest to the bank in the first year. How much interest did Daniel pay in the first year? A) $ 1000. B) $ 1200. C) $ 1500. D) $ 2000. Show Answer Correct Answer: B) $ 1200. ← PreviousNext →Related QuizzesSimple Interest Quiz 1Simple Interest Quiz 2Simple Interest Quiz 3Simple Interest Quiz 4Simple Interest Quiz 5Simple Interest Quiz 7Simple Interest Quiz 8Simple Interest Quiz 9Simple Interest Quiz 10Simple Interest Quiz 11 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books