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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?
A. $63.75B. $1436.25
C. $1563.70D. $1563.75
Question 2
Which is the best investment?
A. $2000 at 4.25% simple interest for 9 monthsB. $1200 at 8.5% simple interest for 6 months
C. $1800 at 3.75% simple interest for 6 yearsD. $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%?
A. $3,500B. $3,000
C. $5,350D. $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?
A. 8 yearsB. 12 years
C. 9 yearsD. 5 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?
A. 7.5%B. 8.25%
C. 8.5%D. 12%
Question 6
Find the missing value.

P = 600,  I = 456,  r = ?,  t = 8 years
A. 7.75%B. 9.25%
C. 95%D. 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%?
A. 5 yearsB. 15 years
C. 10 yearsD. 20 years
Question 8
Brian invested $800 at 5% simple interest rate. How many years will it take his money to reach $1000?
A. 4 yearsB. 5 years
C. 2 yearsD. 20 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?
A. 3 yearsB. 5 years
C. 8 yearsD. 2 years
Question 10
I = 56.55,  r = 6.5%,  t = 3 years

P  = ?
A. $290B. $255
C. $345D. $198
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