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Question 1
Ryan deposited $2,000 in a saving account at the interest rate of 4% per year. How much simple interest will he earn in 5 years?
A. $800B. $1,000
C. $450D. $400
Question 2
Garcia borrowed $4,000 from his cousin Susan at the rate of 8% per annum. He repaid the amount after two years. How much did he repay?
A. $640B. $6,640
C. $4,640D. $3,360
Question 3
Tracy put $3,500 into an investment yielding 4.5% annual interest. She left the money in for 8 years. How much interest does she get in those 8 years?
A. $1,260B. $4,760
C. $2,240D. $1,860
Question 4
Anna invested $2,500 at an annual rate of 5%. How long will it take until Anna earns $1,125 in interest?
A. 5 yearsB. 8 years
C. 10 yearsD. 9 years
Question 5
Jerry invested $1500 in an account that paid him 8.25% simple interest, what will the balance of his account be after 6 years?
A. $742.50B. $2242.50
C. $2150D. $3256.55
Question 6
Mr. Peterson wrote a check of $7,820 to pay off a loan, which was given to him at a rate of 5% simple interest for 3 years. How much money did he borrow originally?
A. $5,400B. $6,800
C. $3,240D. $14,620
Question 7
If $3,840 is invested in an account at 5% annual simple interest, how long will it take the account balance to grow to $4,800?
A. 12 yearsB. 6 years
C. 5 yearsD. 8 years
Question 8
Principal (p) = 1500, Rate (r) = 7%, Time (t) = 8 years. Calculate the Interest.
A. $840B. $1200
C. $2,340D. $660
Question 9
Jack deposited $1400 in his bank account. After 3 years, the account is worth $1,694. Find the simple interest rate the account earned.
A. 5%B. 8%
C. 7.25%D. 7%
Question 10
Principal = 360, Interest = $17.55, Time = 9 months. Calculate the Interest Rate.
A. 6%B. 7.65%
C. 6.5%D. 5.5%
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