SIMPLE INTEREST
Quiz by Arvin Gara
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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