Practice Simple Interest (2.8) - Commercial Mathematics

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9 questions

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4 cards from this section. Quick, good the night before a test.
Exercise
6 questions · about 4 min · pass mark 70%. Hints available.
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Quiz
3 questions · about 2 min · pass mark 70%. Hints available.
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6 sample questions

Question 1.
Calculate the Simple Interest on $1,200 at a rate of 3% for 4 years.
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Use the formula SI = P × R × T / 100.
Question 2.
What is the Simple Interest on $800 at 5% for 2 years?
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Remember to multiply the principal by the rate and time.
3Question 3.
What formula is used to calculate Simple Interest?
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Remember the terms Principal, Rate, and Time.
4Question 4.
If the principal amount is $1,000 and the rate is 5% for 2 years, what is the Simple Interest?
- $50
- $100
- $200
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Use the SI formula!
Question 5.
An investor puts $10,800 in a savings account earning 5% Simple Interest. Calculate the interest earned after 6 years and the total amount in the account.
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Calculate the SI first and then add it to the principal for total.
Question 6.
If a loan of $4,500 is taken at a rate of 10% for 8 years, what will the total repayment amount be?
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Find the interest accrued and remember to add it to the original loan amount.

5 more questions in this section. Enroll free to practise them all.