This quiz works best with JavaScript enabled. Home > Unit V Mathematical Reasoning And Aptitude > Simple Interest – Quiz 9 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Simple Interest Quiz 9 (10 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What time would you use in the formula I=prt for the following situation? (Be careful)Reyna inherits $ 50,000. She puts that money in a bank account that earns 8.5% interest, and doesn't touch the account for 42 months. A) 21 months. B) 15,330 days. C) 3.5 years. D) 42 months. Show Answer Correct Answer: C) 3.5 years. 2. Brayden has $ 13,000 in a savings account. The interest rate is 15% per year, how much interest will he earn after 3 years? (I=Prt) A) $ 1,950. B) $ 5,850. C) $ 18,850. D) $ 585,000. Show Answer Correct Answer: B) $ 5,850. 3. John put 14,000 Euros in an account at a simple interest rate of 1% per year. How much interest will he get after 12 years? A) 16,800 Euros. B) 168,000 Euros. C) 1,680 Euros. D) None of above. Show Answer Correct Answer: C) 1,680 Euros. 4. Karissa deposited $ 10,000 for 4 years at a rate of 6% interest. Find the amount Karissa has in her account after 4 years. A) $ 1,500. B) $ 12,400. C) $ 2,400. D) $ 12,000. Show Answer Correct Answer: B) $ 12,400. 5. When using the simple interest formula, what do you get when you multiply P x R x T? A) I for interest. B) A for Total. C) I for total. D) A for Interest. Show Answer Correct Answer: A) I for interest. 6. Calculate the principal amount that will earn $ 1120 in interest after 4 years at a simple interest rate of 7% per year. A) $ 4000. B) $ 3600. C) $ 2120. D) $ 4200. Show Answer Correct Answer: A) $ 4000. 7. If you invest $ 8,600 at a 3.95% simple annual interest rate, approximately how long will it take for you to earn a total of $ 21,000 in interest?A. 25 yearsB. 36 yearsC. 45 yearsD. 61 years A) A. B) B. C) C. D) D. Show Answer Correct Answer: D) D. 8. Tamara invested $ 15,000 in an account that pays 4% annual simple interest. Tamara will not make any additional deposits or withdrawals. How much interest will Tamara earn on her investment at the end of 3 years? A) $ 1,800. B) $ 600. C) $ 450. D) $ 1,873. Show Answer Correct Answer: A) $ 1,800. 9. What is important about how time is calculated in I= Prt? A) It must be in months. B) It must be in years. C) It is not calculated. D) None of above. Show Answer Correct Answer: B) It must be in years. 10. What is the principal in the following situation?Amaya plans to leave her savings account alone for the next 4 years. Her account currently has a $ 1500 balance and her interest rate is 18%. A) $ 1500. B) 18%. C) 4 years. D) $ 1,080. Show Answer Correct Answer: A) $ 1500. ← 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 10Simple Interest Quiz 11 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books