
Question 1 
Andrew borrowed $1500 for 6 months at 8.5% annual simple interest, how much will he repay at the end of the 6month period? 
A.  $63.75  B.  $1436.25 
C.  $1563.70  D.  $1563.75 
 
  

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 
 
  

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.  $3,500  B.  $3,000 
C.  $5,350  D.  $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 years  B.  12 years 
C.  9 years  D.  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 years  B.  15 years 
C.  10 years  D.  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 years  B.  5 years 
C.  2 years  D.  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 years  B.  5 years 
C.  8 years  D.  2 years 
 
  

Question 10 
I = 56.55, r = 6.5%, t = 3 years
P = ? 
A.  $290  B.  $255 
C.  $345  D.  $198 
 
  
