Simple Interest Quiz

Simple Interest Quiz

Professional Development

23 Qs

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Simple Interest Quiz

Simple Interest Quiz

Assessment

Quiz

Mathematics

Professional Development

Medium

Created by

Sethu Ram

Used 1+ times

FREE Resource

23 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Find the simple interest from 5 February 2017 to 19 April 2017 for an amount of `5000 at the rate of 6.25% annual interest.

` 62.50

` 48.50

` 64

` 80

Answer explanation

The time from 5 February to 19 April is 74 days. Using the formula for simple interest: SI = (P * R * T) / 100, where P = 5000, R = 6.25, and T = 74/365, we calculate SI = 62.50. Thus, the correct answer is `62.50.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The interest earned on ` 3680 at 4% simple interest per annum for 2.5 years will be.

`368

`92

`184

`274

Answer explanation

The formula for simple interest is I = PRT. Here, P = 3680, R = 4/100, and T = 2.5. Thus, I = 3680 * (4/100) * 2.5 = 368. Therefore, the interest earned is `368.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What will be the interest received in 2 years and 3 months on `2500 at the rate of 6% per annum?

` 423.50

` 445

` 337.50

` 375

Answer explanation

To calculate interest, use the formula: Interest = Principal × Rate × Time. Here, Time is 2.25 years (2 years and 3 months). So, Interest = 2500 × 0.06 × 2.25 = 337.50. Thus, the correct answer is `337.50.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How much interest will be received on the amount of `1600 in 10 years, if the rate of interest is 7.25% per annum?

` 1240

` 1160

` 1220

` 1180

Answer explanation

To calculate interest, use the formula: Interest = Principal × Rate × Time. Here, Interest = 1600 × 0.0725 × 10 = 1160. Thus, the interest received in 10 years is `1160, making it the correct choice.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Divide `6,600 into two parts such that the simple interest received on the first part at the rate of 10% per annum for 3 years is equal to the simple interest received on the second part at 9% per annum for 4 years.

`3600, 3000

`4000, 2600

`5000, 1600

`6000, 600

Answer explanation

Let the two parts be x and 6600-x. The interest equations are: 0.1*x*3 = 0.09*(6600-x)*4. Solving gives x = 3600 and 6600-x = 3000. Thus, the correct parts are `3600 and `3000.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sarathi deposited `3125 in a bank on which 8% simple interest was payable annually by the bank. If Sarathi kept the money in the bank for 5 years, how much interest will be earned?

` 1,290

` 1,250

` 1,240

` 1,280

Answer explanation

To calculate simple interest, use the formula: Interest = Principal × Rate × Time. Here, Principal = 3125, Rate = 8% (0.08), Time = 5 years. Thus, Interest = 3125 × 0.08 × 5 = 1250. The correct answer is ` 1,250.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What will be the interest on `4600 in 5 years at the rate of 4.5% per annual simple interest?

` 1,020

` 1,025

` 1,035

` 1,045

Answer explanation

To calculate simple interest, use the formula: Interest = Principal × Rate × Time. Here, Interest = 4600 × 0.045 × 5 = 1035. Thus, the correct answer is ` 1,035.

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