Year 10 Simple Interest

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The simple interest on $870 for 4 years at 15% p.a. is:

1 point

$870 × 15 × 4

$870 × 0.15 × 4

$870 × 1.15 × 4

$870 × 0.15 × 4 + $870

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The simple interest on $600 at 5% for 4 years is:

1 point

$570

$630

$120

$720

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John receives $1000 for his birthday. He invests the money at 5.2% per annum simple interest.
How much interest will he earn after three years?

1 point

$52.00

$156.00

$164.25

$1164.25

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A customer will borrow $12,000 to buy a car. Which loan option would allow the customer pay the least amount of interest?

1 point

A 4-year loan with a 5.2% annual simple interest rate

A 5-year loan with a 4.2% annual simple interest rate

A 6-year loan with a 4.7% annual simple interest rate

A 3-year loan with an 8.4% annual simple interest ra

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A student’s parents invested $5,000 in a university savings account that pays 4.85% annual simple interest. No additional deposits or withdrawals will be made. Which amount is closest to the interest earned on the account at the end of 15 years?

1 point

$5,174.11

$10,174.11

$3,637.50

$8,637.50

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Two customers took out loans from a bank.

• Henry took out a 4-year loan for $5,000 and paid 4.2% annual simple interest.

• Ingrid took out a 6-year loan for $5,000 and paid 3.9% annual simple interest.

What is the difference between the amounts of interest Henry and Ingrid paid for their loans?

1 point

$417

$150

$60

$330

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Marl borrowed $200 at 12% simple interest for
one year. If he makes no payments that year,
how much interest will he owe at the end of
the year?

1 point

$12

$22

$24

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