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Online Quiz (Worksheet A B C D)

Questions Per Quiz = 2 4 6 8 10

MEAP Preparation - Grade 7 Mathematics
1.118 Simple Interest Word Problems

Directions: Answer the following qustions. Also write at least five examples of your own.
Q 1: John deposited $15,000 in a savings account that paid an interest of 12% per annum. The interest is calculated every 6 months and added to the principal. How much does he get after 1 and 1/2 years?
$16,875.74
$15,354.45
$18,875.50
$17,865.24

Q 2: A store owner borrowed an amount of $3,500 on 6th June, 1991 at the rate of 24% per annum and repaid it on 15th January, 1992. What is the amount he repaid?
$5403.42
$4013.21
$3780.35
$4103.35

Q 3: Paul had a credit card balance of $10,000 which carried a finance charge of 24% per annum. After 2 years, he won $18,000 in a lottery and paid off the credit card balance. After paying off the debt, how much money did he have?
$3,200
$5,000
$4,600
$8,000

Q 4: Karen deposited an amount of $5,000 as a certificate of deposit (CD) in a bank for a period of 3 years. The CD pays a simple interest of 15% per year and pays interest every 6 months. How much interest does she get every 6 months?
$540
$375
$5375
$3375

Q 5: An employee borrowed $900 form a money lender at the rate of 18% per annum and repaid it after 9 months. How much did he repay?
$1021.50
$918.00
$1045.00
$1221.50

Q 6: Principal = $1,500, Rate = 36%, and Time = 26-2-1991 to 8-7-1991, find the total amount.
$1650.32
$1690.76
$1695.29
$1635.50

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Question 8: This question is available to subscribers only!


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