Consumer Arithmetic Revision

The simple interest formula is  $I\ =\ P\times R\times T$  . 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

What does the "R" in the simple interest formula stand for?

• percentage

• Interest

• rate

• time

The formula to find hire purchase price is:

• H.P = (cash price + Installments)

• H.P = (Discount + cash price)

• H.P = (Down-payment + installments)

• H.P = (Cash price - Down-payment)

The formula to find hire purchase price is:

• H.P = (cash price + Installments)

• H.P = (Discount + cash price)

• H.P = (Down-payment + installments)

• H.P = (Cash price - Down-payment)

If TT $6.40 is equivalent to U.S $1.00, then TT $16.00 IN US dollars is

• $9.60

• $2.50

• $1.50

• $0.40

A salesman is paid 5% of his sales as a commission. His sales for last month were $3200. How much was he paid?

• $160

• $270

• $320

• $3040

A computer is sold on hire purchase. The sale price consist of a deposit of $850 and eight monthly installments of $70 each. How much does a customer pay for the computer?

• $1410

• $1220

• $912

• $928

How many hours are in a regular work week?

• 30

• 40

• 50

• 60

How many paychecks will an employee earn if they are paid weekly?

• 12

• 26

• 52

• 365

If you earn $625/wk, what would be your annual pay?

• $7,500/yr.

• $16,250/yr.

• $2,500/yr.

• $32,500/yr.