SIMPLE INTEREST_TERMS

Which of the following month belong to knuckle month?

• February

• April

• January

• November

Knuckle months have _____________.

• 29 days

• 31 days

• 360 days

• 30 days

The first day of loan refers to

• loan date

• simple Interest

• Rate of Interest

• due date

The last day of loan refers to

• loan date

• simple Interest

• approximately date

• due date

Most bank notes are secured by

• simple Interest

• money

• collateral

• maturity date

The term principal is also called

• borrower

• face value

• interest

• none of the above

Which of the following month has 31 days EXCEPT

• July

• August

• March

• November

In a promise-sorry note, what do you call the person who borrowed the money?

• Maker

• Payer

• Character

• Capital

It is calculated only on the original principal amount and is paid at the end of the loan.

• Maker

• Payer

• Simple Interest

• Capital

The amount borrowed is ________

• Principal

• Interest

• Simple Interest

• Capital