myTestBook.com Math Reading Science Practice Test for Grade 1, 2, 3, 4 & 5    
  you are taking the following test:

 
Grade: 7,    Subject: Math,    Topic: Simple Interest
Question 1:
Andrew borrowed $1500 for 6 months at 8.5% annual simple interest, how much will he repay at the end of the 6-month period?

$63.75$1436.25

$1563.70$1563.75
 
Question 2:
Which is the best investment?

$2000 at 4.25% simple interest for 9 months$1200 at 8.5% simple interest for 6 months

$1800 at 3.75% simple interest for 6 years$800 at 5% simple interest for one years
 
Question 3:
What principal must Mr. Harris put in the bank today to earn $285 simple interest in 2 years if the simple interest rate is 4.75%?

$3,500$3,000

$5,350$1,800
 
Question 4:
You deposit $5,000 in an account that earns 6.25% simple interest. How many years will it take your account balance to reach $7,500?

8 years12 years

9 years5 years
 
Question 5:
Matthew deposited $4,000 in an account. What simple interest rate must he get to have $8,080 in his account in 12 years?

7.5%8.25%

8.5%12%
 
Question 6:
Find the missing value.

P = 600,  I = 456,  r = ?,  t = 8 years

7.75%9.25%

95%9.5%
 
Question 7:
Daniel deposited $3,000 in an account. How many years will it take his money to double at a simple interest rate of 10%?

5 years15 years

10 years20 years
 
Question 8:
Brian invested $800 at 5% simple interest rate. How many years will it take his money to reach $1000?

4 years5 years

2 years20 years
 
Question 9:
Mary borrowed $500 at 5% simple interest. The total interest payable over the period of the loan is $50. How many years will it take her to repay the loan?

3 years5 years

8 years2 years
 
Question 10:
I = 56.55,  r = 6.5%,  t = 3 years

P  = ?

$290$255

$345$198
 
  Login to "Submit and Check Answers"
Sponsered Artist: Juhi at JuhiMusic.com   

Copyright © 2005 - 2012 myTestBook.com Inc. All rights reserved.
Contents of myTestBook.com can not be copied for another website or for any other kind of publication.