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- 1. Multiple Choice
It is the amount charged for the use of borrowed money is called _________________
Interest
Principal
Rate
Total Amount
- 2. Multiple Choice
The simple interest formula is
I = Prt.
The P represents the principal.
The principal is ___________________.
the amount of money borrowed or deposited
the percent interest for his year
the amount taxed
the amount the bank owes you for being a customer at their bank
- 3. Multiple Choice
Richard deposits $5,200 and got back an amount of $5,900 after 2 years. Find Richard's interest rate.
6.73%
5.67%
1.07%
67.3%
- 4. Multiple Choice
Mr. Johnson borrowed $8,000 for 4 years to make home improvements. If he repaid a total of $10,320, at what interest rate did he borrow the money?
7.25%
72.5%
32.25%
3.25%
- 5. Multiple Choice
Mr. Mogi borrowed $9,000 for 10 years to make home improvements. If he repaid a total of $20,000 at what interest rate did he borrow the money?
12.2%
22.2%
32.2%
42.2%
- 6. Multiple Choice
Nancy invested $6,000 in a bond at a yearly rate of 3%. She earned $450 in interest. How long was the money invested?
2.22 years
1.22 years
3.22 years
4.22 years
- 7. Multiple Choice
TJ invested $4,000 in a bond at a yearly rate of 2%. He earned $200 in interest. How long was the money invested?
2 years and 6 months
3 years and 6 months
1 year and 6 months
6 months
- 8. Multiple Choice
A bank is offering 2.5% simple interest on a savings account. If you deposit $5,000, how much interest will you earn in 4 years?
$500
$250
$50
$2500
- 9. Multiple Choice
To buy a car, Jessica borrowed $15,000 for 3 years at an annual simple interest rate of 9%. How much interest will she pay if she pays the entire loan off at the end of the third year?
$4,050
$4,500
$4,005
$450
- 10. Multiple Choice
To buy a laptop computer, Elaine borrowed $2,000 for 3 years at an annual simple interest rate of 5%. How much interest will she pay if she pays the entire loan off at the end of the third year?
$300
$200
$100
$50
- 11. Multiple Choice
Joshua borrowed $1000 from his friend and paid him back $1050 after a year. What simple annual interest did Joshua pay his friend?
$50
$500
$5
$1,000
- 12. Multiple Choice
Bertha deposited $1000 into a retirement account when she was 18. How much will Bertha have in this account after 50 years at a yearly simple interest rate of 7.5%?
$4,750
$475
$3,750
$375
- 13. Multiple Choice
To buy a laptop computer, Elaine borrowed $2,000 for 3 years at an annual simple interest rate of 5%. What is the total amount that she will repay?
$2,300
$230
$300
$1,500
- 14. Multiple Choice
John’s parents deposited $1000 into a savings account as a college fund when he was born. How much will John have in this account after 18 years at a yearly simple interest rate of 3.25%?
$1,585
$585
$1,855
$1,558
- 15. Multiple Choice
To buy a car, Jessica borrowed $15,000 for 3 years at an annual simple interest rate of 9%. What is the total amount that she will repay?
$19,050
$4,050
$19,500
$4,500
- 16. Multiple Choice
Kabir paid $9,600 as interest on a loan he took 5 years ago at 16% rate of simple interest. How much he borrowed for the loan?
$12,000
$21,600
$2,400
none of these
- 17. Multiple Choice
Hector took out a small loan of $900 for 18 months. The simple interest rate on the loan was 10.5%. How much will he pay in interest on the loan?
Which of the following is TRUE?
Hector will pay an interest of $141.75
Hector will pay the loan after 1 year and 6 months
Hector will pay the loan with the total amount of $1041.75
All of these
- 18. Multiple Choice
Todd takes out a student loan for $25,000. The annual simple interest rate on the loan is 7.75%. If Todd will be paying $38,750 in interest alone, how many years is he taking to pay off the loan?
Which of the following is NOT true about the problem?
The principal in the problem is $25,000
The interest amount is $38,750
Todd will pay the loan after 20 years
None of these
- 19. Multiple Choice
Trevor deposits $1500 in a simple interest account that pays 4.3% interest annually. After 15 years, how much total money would be in the account?
Which expression can be use to solve the problem?
Total amount = Principal - Interest
Total amount = Principal + Interest
Total Amount = Principal x rate x time
Total Amount = Principal - (rate x time)
- 20. Multiple Choice
Which of the following is TRUE?
Change the percent to decimal by dividing by 100 before using.
If the given time is in months divide the months by 12.
The total amount is equal to principal plus the interest
All of them
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