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- 1. Multiple ChoiceEmilio borrows $1200 from a bank with 8% simple interest per year. How much will he have to pay back total in 2 years?15019213501392
- 2. Multiple Choice
Sam borrowed $4,500 for 2 years and had to pay $630 simple interest at the end of that time. What rate, p.a. of interest did he pay?
6%
7%
8%
9%
- 3. Multiple Choice
Anna invested $2,500 at an annual rate of 5% p.a. How long will it take until Anna earns $1,125 in interest?
5 years
8 years
10 years
9 years
- 4. Multiple Choice
The interest rate needs to be converted into a decimal for it to be used in the simple interest formula.
6% as a decimal is
6
0.6
0.06
0.006
- 5. Multiple Choice
t in the simple interest formula represents the number of years that the money is invested/ borrowed for.
2 years and 9 months can be written as ____ years
2.9
2.75
0.29
29
- 6. Multiple Choice
Halle invested $4000 at a flat rate of 5% p.a. for 6 years.
How much interest did Halle earn on the investment?
$12
$120
$1200
$12000
- 7. Multiple Choice
Halle invested $4000 at a flat rate of 5% p.a. for 6 years.
The value of her investment at the end of the 6 years is?
$2800
$5200
$4120
$17000
- 8. Multiple Choice
Sophie invested $4000 at a flat rate of 7% p.a. At the end of the term, the amount of interest she earned was $2240.
For how many years was Sophie's money invested for?
8
0.255
0.125
12.5
- 9. Multiple Choice
The decimal of 0.075 converted to a percentage is
0.75%
7.5%
75%
None of the above
- 10. Multiple Choice
Kelsey invested a sum of money at a flat rate of 8% p.a simple interest for 4 years. At the end of the term, she had earned $1920 in interest. How much did Kelsey invest?
$60
$600
$6 000
$60 000
- 11. Multiple ChoiceConvert 18 months to years.18 Years1.5 Years.18 YearsYou cannot change it to years.
- 12. Multiple ChoiceThe simple interest formula is I=Prt. The P represents the principle. The principle is ___________________.the amount of money borrowed or depositedthe percent interest for his yearthe amount taxedthe amount the bank owes you for being a customer at their bank
- 13. Multiple Choice
Mr. Flohr went to the mall and saw a rug that he would have to take a loan out for $6500 to purchase. The bank said that he could get a simple interest rate of 8% p.a for 5 years. What is the total amount that Mr. Flohr will pay for the rug?
$2600
$910
$9100
$260
- 14. Multiple Choice
You are tired at the end of the school year and decided to borrow $500 to go on a trip to Florida. You go to the bank and borrow the money at 11% p.a simple interest for 2 years. How much interest will you pay on the loan? How much will you pay the bank at the end of the loan?
$55, $555
$210, $500
$110, $510
$110, $610
- 15. Multiple Choice
Suppose Sovereign Bank is offering its customers 3% simple interest on savings accounts per year. If a customer deposits $1,500 in the account, what does the customer have in their bank account after 5 years?
$1,725
$225
$172.50
$22,500
- 16. Multiple Choice
Dianna deposits $725 into her savings account that earns 2% interest annually. How much money will Dianna have in her account after one and a half years?
$21.75
$217.50
$746.75
$942.50
- 17. Multiple Choice
Jaime wants to earn $500 in interest so she'll have enough to buy a used car. She puts $2,000 into an account that earns 2.5% simple interest per year. How long will she need to leave her money in the account to earn $500?
10 years
1 year
5 years
.1 years
- 18. Multiple Choice
Mr. Peterson wrote a check for $7,820 to pay off the interest on a loan which was given to him at a rate of 5% simple interest for 4 years. How much money did he originally borrow?
$3,910
$391
$1,955
$39,100
- 19. Multiple Choice
If the account balance at the end of seven years on an investment of $470 is $601.60, what was the interest rate?
4%
18%
.04%
1.8%
- 20. Multiple Choice
Find the simple interest paid on an investment of $350 at a rate of 4.5% p.a for 36 months.
$4,725
$567
$42
$47.25
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