Simple Interest and Annuities Quiz

Write the 4.3% in decimal form.

• 0.043

• 0.43

• 4.3

• 0.0043

Inah borrowed P10,000 from the Land bank of the Philippines with 8.5% simple interest per year. What is the total amount will she have to pay back in 2 years?

• 1,700

• 11,700

• 10,700

• 1,170

The simple interest formula is I=Prt. What does the t represent?

• Time, in months

• Time, in years

• Time, in hours

• Time, in seconds

What is the decimal form of 3.25%?

• 3250

• 0.0325

• 0.325

• 32.5

What does the 'p' in the interest formula stand for?

• rate

• principle

• time

• principal

What does 'r' in the interest formula stand for?

• ratio

• rate

• reverse

• result

What is the decimal form of 5%?

• 0.5

• 0.05

• 0.005

• 0.50

The rate is given as percent (%). Before using it in the simple interest formula, you must first convert it to a ______

• fraction

• decimal

• ratio

• proportion

What does 'I' stands for in the formula I=Prt?

• Interest

• Intel

• Information

• International

Robert borrows Php1,200 from a bank with 8% simple interest per year. How much will she have to pay after 2 years?

• Php150

• P1350

• Php192

• Php1392