Simple Interest

What is Banker's Rule?

• Approximate time & ordinary simple interest

• Exact time & ordinary simple interest

• Approximate time & exact simple interest

• Exact time & exact simple interest

Find the Exact time from 27 Oct 2020 to 12 Dec 2020.

• 44 days

• 45 days

• 46 days

• 47 days

Given
P is the principal of investment,
r is the interest rate per annum,
t is the investment period,
What is the formula for maturity value of the investment?

•  $I=\Pr t$  

•  $S=\Pr t$  

•  $S=P\left(1-rt\right)$  

•  $S=P\left(1+rt\right)$  

Ali saved RM1,000 on 1 Feb 2020 which is offered 5.5% simple interest rate for 45 days. Find the maturity date of the investment (Banker's Rule).

• RM1006.88

• RM6.88

• 16 March 2020

• 17 March 2020

Ali saved RM1,000 on 1 Feb 2020 which is offered 5.5% simple interest rate for 45 days. Find the investment period, t in year (Banker's Rule).

•  $t=45$  

•  $t=\frac{45}{360}$  

•  $t=\frac{45}{365}$  

•  $t=\frac{45}{366}$  

Ali saved RM1,000 on 1 Feb 2020 which is offered 5.5% simple interest rate for 45 days. Calculate the interest earned (Exact time and ordinary simple interest).

• RM2475

• RM6.88

• RM6.78

• RM6.76

Ali saved RM1,000 on 1 Feb 2020 which is offered 5.5% simple interest rate for 45 days. Find the interest earned from the investment (Exact time & exact simple interest).

• RM2475

• RM6.88

• RM6.78

• RM6.76

Amil deposited RM1400 which offered 5% simple interest rate per annum for 5 years 9 months. State the period in years

• 5.9

• 5.75

• RM1400

• 5%

Given the maturity date of an investment is 24 June 2020. Find the date of saving if saving period is 60 days.

• 24 April 2020

• 25 April 2020

• 26 April 2020

• 27 April 2020

Select ALL correct statements for t.

"30 days in year 2020"

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