Simple Interest 3
Try VividMath Premium to unlock full access
Quiz summary
0 of 4 questions completed
Questions:
- 1
- 2
- 3
- 4
Information
–
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading...
You must sign in or sign up to start the quiz.
You have to finish following quiz, to start this quiz:
- 1
- 2
- 3
- 4
- Answered
- Review
-
Question 1 of 4
1. Question
If you borrow $500 at 5% for four years, how much will you pay back at the end of the term?
- Balance Owing`=$ \ ` (600)
Correct
Keep Going!
Incorrect
Simple Interest Formula
`color(purple)(I)=color(forestgreen)(P)color(royalblue)(r)color(tomato)(t)`Labelling the given values
Interest`=I=?`Principal Value`=P=$500`Rate`=r=5%` per annumTime Elapsed`=t=4` yearsFirst, express the rate as a decimal`5% = 0.05`Solve for the balance owing at the end of the term by adding the Interest `(I)` and the Principal `(P)`.`color(purple)(I)` `=` `color(forestgreen)(P)color(royalblue)(r)color(tomato)(t)` Simple Interest Formula `=` `color(forestgreen)($500) color(black)(times) color(royalblue)(0.05) color(black)(times) color(tomato)(4)` Plug in the known values `=` `$100` Balance Owing `=` `$600` Now add the Interest `I=$100` to the Principal `P=$500` to find the balance owing. `$600` balance owing -
Question 2 of 4
2. Question
If you borrow $200 at 8% for seven years, how much will you pay back at the end of the term?
- Balance Owing`=$ \ ` (312)
Correct
Keep Going!
Incorrect
Simple Interest Formula
`color(purple)(I)=color(forestgreen)(P)color(royalblue)(r)color(tomato)(t)`Labelling the given values
Interest`=I=?`Principal Value`=P=$200`Rate`=r=8%` per annumTime Elapsed`=t=7` yearsFirst, express the rate as a decimal`8% = 0.08`Solve for the balance owing at the end of the term by adding the Interest `(I)` to the Principal `(P)`.`color(purple)(I)` `=` `color(forestgreen)(P)color(royalblue)(r)color(tomato)(t)` Simple Interest Formula `=` `color(forestgreen)($200) color(black)(times) color(royalblue)(0.08) color(black)(times) color(tomato)(7)` Plug in the known values `=` `$112` Balance Owing `=` `$312` Now add the Interest `I=$112` to the Principal `P=$200` to find the balance owing. `$312` balance owing -
Question 3 of 4
3. Question
You put $700 into a savings account with an interest rate of 5% which earns $140.00 over a period of time. How long was the period of time?
- Time`= \ ` (4) years
Correct
Keep Going!
Incorrect
Simple Interest Formula
`color(purple)(I)=color(forestgreen)(P)color(royalblue)(r)color(tomato)(t)`Labelling the given values
Interest`=I=$140`Principal Value`=P=$700`Rate`=r=5%` per annumTime Elapsed`=t=?` yearsFirst, express the rate as a decimal`5% = 0.05`Solve for the time`(t),` using the formula`color(purple)(I)` `=` `color(forestgreen)(P)color(royalblue)(r)color(tomato)(t)` Simple Interest Formula `color(purple)($140)` `=` `color(forestgreen)($700) color(black)(times) color(royalblue)(0.05) color(black)(times) color(tomato)(t)` Plug in the known values `$140` `=` `$35timest` Simplify `4` `=` `t` Divide both sides by `$35`. `t` `=` `4` Reverse the two sides so that the unknown `t` is on the left-hand side. `4` years -
Question 4 of 4
4. Question
If you invest $500 at an interest rate of 10%, how much money will you have after three years?
- Final Balance`=$ \ ` (650)
Correct
Keep Going!
Incorrect
Simple Interest Formula
`color(purple)(I)=color(forestgreen)(P)color(royalblue)(r)color(tomato)(t)`Labelling the given values
Interest`=I=?`Principal Value`=P=$500`Rate`=r=10%` per annumTime Elapsed`=t=3` yearsFirst, express the rate as a decimal`10% = 0.1`Solve for the final balance by adding the Interest `(I)` to the Principal `(P)`.`color(purple)(I)` `=` `color(forestgreen)(P)color(royalblue)(r)color(tomato)(t)` Simple Interest Formula `=` `color(forestgreen)($500) color(black)(times) color(royalblue)(0.1) color(black)(times) color(tomato)(3)` Plug in the known values `=` `$150` Final Balance `=` `$650` Now add the Interest `I=$150` to the Principal `P=$500` to get the final balance. `$650` final balance