Define the word interest by choosing the most suited answer below.
Mathematical Literacy - Grade 11 - Lesson 31 - Quizizz

Quiz
•
Mathematics
•
11th Grade
•
Medium

Woodridge Connect
Used 1+ times
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The amount of money that is always calculated at 10%.
The amount of money earned or owed for the use of borrowed money.
The word interest means per year.
Interest is the extra R500 that gets deposited into your account
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The formula used to calculate simple interest is:
SI = i × n
SI = p × n × i
SI = p × i × n
SI = i × n x p
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If Peter invests R1,000.00 at 8% simple interest per annum (per year).
How much interest does he earn after 10 years?
808080
88 000
8000
80 000
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If Peter invests R1,000.00 at 8% simple interest per annum (per year).
How much interest does he earn after 10 years?
81 000
82 000
83 000
84 000
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the 'i' represent in the simple interest formula?
The inside rate.
The interest rate being used (% per annum).
The interesting rate being used (% per annum).
The indigo rate.
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