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SIMPLE INTEREST

Quiz by Arvin Gara

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10 questions
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  • Q1

    _________ amount that a person gets or pays on top of the original investment or loan

    Borrower

    Lender

    Interest

    Principal

    30s
  • Q2

    ______________ It refers to the party lending money or extending credit

    creditor

    debtor

    borrower

    30s
  • Q3

    _______________ it refers to the sum of the principal and interest; sometimes called the future value of the principal amount

    Simple Interest

    Compound

    Interest

    MaturityValue

    30s
  • Q4

    _______ refers to an interest computed on the original principal during the whole period of time of borrowing

    Period 

    Simple Interest

    Interest

    Maturity Value

    30s
  • Q5

    ________ it refers to the period covered from the time that the money (principal) is borrowed until its due date

    Maturity Date

    Interest rate

    Time of interest

    Simple Interest

    30s
  • Q6

    _______ It refers to the amount of money extended for credit or the amount of money deposited in a bank for safekeeping

    Debtor

    Loan

    Principal

    Maturity rate

    30s
  • Q7

    The simple interest formula is I=Prt.  What does the t represent?

    rate

    interest

    principal

    time

    30s
  • Q8

    ______ it is duedate of the payment of the principal

    Maturity Date

    Maturity Value

    Period of Time

    Interest rate

    30s
  • Q9

    ______ It  refers to the charged amount for using the money over a certain period; commonly expressed in percent, but is converted to decimal

    Interest rate

    Interest

    rate

    Maturity rate

    30s
  • Q10

    AJ borrowed $4,000 for 5 years at 6% simple interest rate. How much interest did he pay?

    1, 200

    1,000

    1,500

    800

    30s

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