Class VIII

In how much time will the simple interest on $3,500 at the rate of 9% p.a be the same as simple interest on $4,000 at 10.5% p.a for 4 years?
  1. Time = t = 3.33 years.
  2. Time = t = 4.33 years.
  3. Time = t = 5 years.
  4. Time = t = 5.33 years.
You deposit $1000 into a bank account and received $50 simple interest after 3 months. What had been the interest rate?
  1. The interest rate was 20% per year.
  2. The interest rate was 25% per year.
  3. The interest rate was 50% per year.
  4. The interest rate was 10% per year.
Ryan bought $ 15,000 from a bank to buy a car at 10% simple Interest. If he paid $ 9,000 as interest while clearing the loan, find the time for which the loan was given.
  1. The loan was given for 6 years.
  2. The loan was given for 4 years.
  3. The loan was given for 8 years.
  4. The loan was given for 5 years.
Steve invested $ 10,000 in a savings bank account that earned 2% simple interest. Find the interest earned if the amount was kept in the bank for 4 years.
  1. $900
  2. $100
  3. $800
  4. $620
You deposit $12000 into a bank account paying 1.5% simple interest per month. You left the money in for 210 days. Find the interest earned and the amount.
  1. The interest is $1242.734 and the amount is $13242.734.
  2. The interest is $1242.734 and the amount is $1325.2546
  3. The interest is $4212.734 and the amount is $13242.734.
  4. The interest is $1242.734 and the amount is $132.25
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