Chapter 2 GenMath Quiz

What is the formula for calculating simple interest?

• I = P/r*t

• I = P + rt

• I = P + r + t

• I = Prt

f the principal amount is Php 5,000, the rate is 9%, and the time is 3 years, what is the final amount?

• Php 6,350

• Php 5,500

• Php 7,000

• Php 6,000

What does the variable 'F' represent in the formula F = P + I?

• Rate of interest

• Interest

• Final amount

• Principal

What is the interest earned on a loan of Php 15,000 at a rate of 7% for 2 years?

• Php 2,100

• Php 1,050

• Php 2,500

• Php 1,400

What is the formula to find the time 't' in simple interest calculations?

• t = F / P

• t = I / P

• t = Pr / I

• t = I / (Pr)

How many days are counted for the actual time between June 10, 2012, and September 24, 2012?

• 106 days

• 104 days

• 90 days

• 120 days

What is the ordinary interest formula at actual time?

• Io = P + r + t

• Io = Prt

• Io = Pr(Actual time) / 365

• Io = Pr(Actual time) / 360

What is the approximate time in days between October 31, 2004, and March 25, 2005?

• 145 days

• 150 days

• 140 days

• 160 days

What is the face value (FV) of a simple interest note?

• The interest charged

• The date on which the total amount is due

• The total amount to be repaid

• The value stated on the note

What formula is used to calculate the maturity value (MV) of a simple interest note?

• MV = FV(1 + rt)

• MV = F(1 - dt)

• MV = FV - I

• MV = P(1 + rt)