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