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Gr 10 Math Ch 8: Simple Interest
10 Questions
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Gr 10 Math Ch 8: Simple Interest

Created by
@RaptOganesson

Questions and Answers

What does the variable 'P' represent in the simple interest formula?

  • The amount of interest paid per year
  • The total interest earned
  • The initial amount invested or borrowed (correct)
  • The time period in years

    • Which of the following correctly describes the 'i' in the simple interest formula?

  • The total amount of money after interest is added
  • The interest rate expressed as a decimal (correct)
  • The principal amount in decimal form
  • The number of years the money is invested

    • If the principal is $1000, the interest rate is 5% per year, and the time period is 3 years, what is the accumulated amount using the simple interest formula?

  • $1150 (correct)
  • $1000
  • $1050
  • $1100

    • Which of the following statements about simple interest is true?

    <p>Simple interest is calculated only on the initial amount invested.</p> Signup and view all the answers

    What would happen to the accumulated amount if the principal increases while the interest rate and time period remain unchanged?

    <p>The accumulated amount would increase.</p> Signup and view all the answers

    What happens to the accumulated amount if the time period is doubled while keeping the principal and interest rate constant?

    <p>The accumulated amount will increase by twice the original interest.</p> Signup and view all the answers

    If the interest rate is expressed as a fraction rather than a decimal, which of the following conversions correctly prepares it for use in the simple interest formula?

    <p>Divide the fraction by 100.</p> Signup and view all the answers

    Which of the following best describes the relationship between the principal and the accumulated amount when the interest rate is zero?

    <p>The accumulated amount equals the principal.</p> Signup and view all the answers

    How does increasing the principal affect the accumulated amount if both the interest rate and time period remain unchanged?

    <p>The accumulated amount increases proportionally.</p> Signup and view all the answers

    What is the impact on the accumulated amount if the interest rate is reduced by half, keeping the principal and time period the same?

    <p>The accumulated amount decreases but is still greater than the principal.</p> Signup and view all the answers

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