  Simple Interest

Quiz by Katherine Edson

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Correct quiz answers unlock more play!  9 questions
• Q1

What does the I stand for in I = P x r x T

Interest Rate

Time

Interest Earned

Principal

30s
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• Q2

Calculate the FINAL BALANCE if the principal amount is \$15, 400, interest rate is 14% and the amount of time is 4 years.

\$25,000

\$2,000

\$24,024

\$23.24

30s
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• Q3

What does the "r" represent in the Simple Interest Formula? I = prt

Rate

Time

Account Balance

Interest

30s
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• Q4

Calculate the INTEREST if the principal amount is \$51,000 interest rate is 16% and the amount of time is 2 years.

\$600

\$16,320

\$1

\$0

30s
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• Q5

Calculate the simple INTEREST: Principal = \$43,000 Rate = 8% T = 4 years.

\$13,760

\$367

\$1

\$0

30s
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• Q6

Calculate the FINAL BALANCE: Principal = \$26,900 Rate = 6% Time = 3 years

\$31,742

\$3742

\$37

\$375

30s
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• Q7

What is the total amount to be paid on a 7 year, \$35,000 loan at 7% p.a.?

\$49700

\$47700

\$45700

\$50700

30s
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• Q8

If a simple interest loan earns \$2400 after 6 years at a 5% interest rate, what was the principal amount?

\$7500

\$8000

\$7750

\$8500

30s
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• Q9

If a simple interest loan earns \$412.50 after 3 years at a 2.75% interest rate, what was the principal amount?

\$4500

\$6000

\$5000

\$5500

30s
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