This quiz works best with JavaScript enabled. Home > Unit V Mathematical Reasoning And Aptitude > Simple Interest – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Simple Interest Quiz 8 (10 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. On a simple interest question, what does the variable "t" stand for? A) Time in years. B) Total Amount. C) Triangle. D) Interest. Show Answer Correct Answer: A) Time in years. 2. Suppose Sovereign Bank is offering its customers 3% interest on savings accounts. If a customer deposits $ 1,500 in the account, what does the customer have in their bank account after 5 years? A) $ 1,725. B) $ 225. C) $ 172.50. D) $ 22,500. Show Answer Correct Answer: A) $ 1,725. 3. How many years will it take for amount of Rs. 1000 to yield 200 as interest at 10% per annum of simple interest.? A) 1 year. B) 2 year. C) 3 year. D) 4 year. Show Answer Correct Answer: B) 2 year. 4. Find the simple interest paid on a loan of $ 750 with an 18% rate over 2 years. A) $ 135. B) $ 13,500. C) $ 270. D) $ 27,000. Show Answer Correct Answer: C) $ 270. 5. When using the simple interest formula, time needs to be entered in terms of .....? A) Seconds. B) Years. C) Days. D) Months. Show Answer Correct Answer: B) Years. 6. Scott took out a 72 month loan for $ 35,000 to purchase a new boat. If Scott paid $ 8,925 in simple interest, what was the interest rate? A) 3.5%. B) 4.25%. C) 4.5%. D) 4.75%. E) 5.1%. Show Answer Correct Answer: B) 4.25%. 7. If you borrow $ 5000 at a simple interest rate of 4% for 4 years, what will be the total amount you have to pay back? A) $ 5800. B) $ 6000. C) $ 6400. D) $ 6800. Show Answer Correct Answer: A) $ 5800. 8. Find the rate of simple interest if $ 4000 earns $ 800 in interest in 2 years. A) 8%. B) 10%. C) 12%. D) 20%. Show Answer Correct Answer: B) 10%. 9. What is the simple interest earned on $ 100.00 at 3% for 6 years? A) $ 18.00. B) $ 1,800.00. C) $ 180.00. D) $ 18,000.00. Show Answer Correct Answer: A) $ 18.00. 10. What is simple interest of Rs. 900 on 5% per annum for 4 years? A) 120. B) 140. C) 180. D) 160. Show Answer Correct Answer: C) 180. ← 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 9Simple Interest Quiz 10Simple Interest Quiz 11 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books