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Gaya Bebas
Universiti
Matematik
Chapter 6: Simple Interest and Simple Discount_Slot 2
LERRY BIN MEHO
46
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LERRY BIN MEHO
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# 1

pilihan

What is the simple interest on $1,200 for 1 year at 8% per annum?

  • $86

  • $96

  • $108

  • $120

# 2

pilihan

What is the maturity value (amount due at end) of a $2,500 loan for 2 years at 9% simple interest?

  • $2,700

  • $2,950

  • 3,000

  • 2,900

# 3

pilihan

What is the formula for calculating simple interest?

  • I = P + R + T

  • I = P + R - T

  • I = P / R / T

  • I = P x R x T

# 4

pilihan

If the principal is $1,200, the rate is 8%, and the time is 1 year, what is the interest?

  • $96

  • $100

  • $120

  • $80

# 5

pilihan

What does 'Principal' refer to in the context of loans?

  • The amount of money borrowed or invested

  • The interest rate applied

  • The total amount paid back

  • The duration of the loan

# 6

pilihan

How do you convert a percentage rate to a decimal?

  • Divide by 100

  • Add 0.01

  • Subtract 1

  • Multiply by 100

# 7

pilihan

Judy paid $108 interest on a loan she had for 6 months at 12% per annum. What was the principal?

  • $1,600

  • $1,500

  • $1,800

  • $1,200

# 8

pilihan

Jessica considered two loans of $85,000 for 9 months: one at 18.5% p.a. and one at 10% p.a. How much interest is saved by choosing 10% instead of 18.5%?

  • $5,418.75

  • $4,500.00

  • $6,375.00

  • $11,793.75

# 9

pilihan

Sam wants to borrow $1,500 for 15 months and will have to pay $225 in interest. What annual simple interest rate is he being charged?

  • 10%

  • 12%

  • 15%

  • 9%

# 10

pilihan

What is the formula to find maturity value?

  • MV = P x R x T

  • MV = P - I

  • MV = I / P

  • MV = P + I

# 11

pilihan

What is the ordinary interest rate per day based on a 360-day year?

  • Annual rate / 365

  • Annual rate x 360

  • Annual rate / 360

  • Annual rate + 30

# 12

pilihan

How many days are counted in ordinary interest?

  • 28 days in February

  • 30 days per month

  • 360 days

  • 365 days

# 13

pilihan

What is the difference between ordinary interest and exact interest?


  • Both use 365 days

  • Both use 360 days

  • Ordinary uses actual days, exact uses 360 days

  • Ordinary uses 360 days, exact uses actual days

# 14

pilihan

A simple interest promissory note has face value $27,500, rate 12% p.a., term 90 days (use 360-day year). What is the interest and maturity value?

  • Interest $825; Maturity value $28,325

  • Interest $900; Maturity value $28,400

  • Interest $825; Maturity value $28,175

  • Interest $750; Maturity value $28,250

# 15

pilihan

In simple interest, which of the following statements is TRUE?

  • Interest is calculated on the principal only, not on accumulated interest.

  • Interest is calculated on both principal and accumulated interest.

  • The rate of interest changes every year.

  • The principal amount changes monthly.

# 16

pilihan

In a simple discount note, the bank discount refers to:

  • The total amount the borrower must repay at maturity.

  • The amount deducted from the face value in advance as interest.

  • The difference between the principal and maturity value.

  • The amount added to the principal at maturity.

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