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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. | $63.75 | B. | $1436.25 |
| C. | $1563.70 | D. | $1563.75 |
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| Question 2 |
| Which is the best investment? |
| A. | $2000 at 4.25% simple interest for 9 months | B. | $1200 at 8.5% simple interest for 6 months |
| C. | $1800 at 3.75% simple interest for 6 years | D. | $800 at 5% simple interest for one years |
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| 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%?
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| A. | $3,500 | B. | $3,000 |
| C. | $5,350 | D. | $1,800 |
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| 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 years | B. | 12 years |
| C. | 9 years | D. | 5 years |
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| 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% |
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| 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% |
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| 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 years | B. | 15 years |
| C. | 10 years | D. | 20 years |
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| Question 8 |
| Brian invested $800 at 5% simple interest rate. How many years will it take his money to reach $1000?
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| A. | 4 years | B. | 5 years |
| C. | 2 years | D. | 20 years |
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| 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?
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| A. | 3 years | B. | 5 years |
| C. | 8 years | D. | 2 years |
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| Question 10 |
I = 56.55, r = 6.5%, t = 3 years
P = ? |
| A. | $290 | B. | $255 |
| C. | $345 | D. | $198 |
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