Simple Interest, Bank Discount and Promissory Notes

Nazirul had saved RM 3,500 in an account which offered 8% simple interest per annum. He withdraw RM 1,000 from the account 7 months later. How much left in the account?

• RM 3633.33

• RM 2633.33

• RM 75000

• RM 74000

Ali borrowed RM 12,000 for 100 days at the discount rate of 5% from a bank. Find the bank’s discount.

• RM 166.67

• RM 1666.67

• RM 60,000

• RM 600,000

Ammar received a 130-day promissory note that was made on 28^th August 2015 with a simple interest of 6.5% per annum and a face value of RM 50,050. Find the maturity date of the note.

• 5 Jan 2015

• 5 Jan 2016

• 7 Jan 2015

• 7 Jan 2016

Ammar received a 130-day promissory note that was made on 28^th August 2015 with a simple interest of 6.5% per annum and a face value of RM 50,050. Find the maturity value of the note using Banker’s Rule.

• RM 51,224

• RM 5168.53

• RM 472,500

• RM 51,224.78

Zarifah invests RM X in a bank. After 38 months, her investment will be worth RM 45,000. If the simple interest is 10% per annum, find the value of X.

• RM 9375

• RM 216,000

• RM 34,177.22

• RM 59,250

What does the "I" in the interest formula stand for?

• Principal
• Interest
• Rate
• Time

Tags

CCSS.7.RP.A.3

The rate is given as a percent (%). Before using it in the simple interest formula, you must first convert it to a______.

• fraction

• decimal

• ratio

• Ringgit Malaysia

The Principal and Interest are always___________.

• fraction

• decimal

• percent

• Ringgit Malaysia

If the time is given in months, you must first _____________ by 12.

• add
• subtract
• multiply
• divide

Tags

CCSS.7.NS.A.2

CCSS.7.NS.A.3

The simple interest formula is I=Prt.  The P represents the principle.  The principle is ___________________.  

• the amount of money borrowed or deposited
• the percent interest for his year
• the amount taxed
• the amount the bank owes you for being a customer at their bank

Tags

CCSS.7.RP.A.3