Grade 9 Simple interest - Quiz

Emilio borrows $1200 from a bank with 8% simple interest per year.  How much will he have to pay back total in 2 years?

• 150
• 192
• 1350
• 1392

Sam borrowed $4,500 for 2 years and had to pay $630 simple interest at the end of that time. What rate, p.a. of interest did he pay?

• 6%

• 7%

• 8%

• 9%

Anna invested $2,500 at an annual rate of 5% p.a. How long will it take until Anna earns $1,125 in interest?

• 5 years

• 8 years

• 10 years

• 9 years

The interest rate needs to be converted into a decimal for it to be used in the simple interest formula.

6% as a decimal is

• 6

• 0.6

• 0.06

• 0.006

t in the simple interest formula represents the number of years that the money is invested/ borrowed for.

2 years and 9 months can be written as ____ years

• 2.9

• 2.75

• 0.29

• 29

Halle invested $4000 at a flat rate of 5% p.a. for 6 years.

How much interest did Halle earn on the investment?

• $12

• $120

• $1200

• $12000

Halle invested $4000 at a flat rate of 5% p.a. for 6 years.

The value of her investment at the end of the 6 years is?

• $2800

• $5200

• $4120

• $17000

Sophie invested $4000 at a flat rate of 7% p.a. At the end of the term, the amount of interest she earned was $2240.

For how many years was Sophie's money invested for?

• 8

• 0.255

• 0.125

• 12.5

The decimal of 0.075 converted to a percentage is

• 0.75%

• 7.5%

• 75%

• None of the above

Kelsey invested a sum of money at a flat rate of 8% p.a simple interest for 4 years. At the end of the term, she had earned $1920 in interest. How much did Kelsey invest?

• $60

• $600

• $6 000

• $60 000