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Calculating Simple Interest Quiz

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Questions and Answers

What is the annual interest rate charged by the bank for Ravi's loan?

16%

12%

10%

14% (correct)

How many months is Ravi's loan for?

8 months (correct)

10 months

12 months

6 months

What is the principal amount of Ravi's loan?

$5000

$6800 (correct)

$7200

$7500

What formula should be used to calculate simple interest?

<p>Interest = Principal x Rate x Time</p> Signup and view all the answers

What amount will Ravi owe after 8 months if no payments are made?

<p>$7267.33</p> Signup and view all the answers

Calculating Simple Interest Quiz

Choose a study mode

Podcast

Questions and Answers

What is the annual interest rate charged by the bank for Ravi's loan?

How many months is Ravi's loan for?

What is the principal amount of Ravi's loan?

What formula should be used to calculate simple interest?

What amount will Ravi owe after 8 months if no payments are made?

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