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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: 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?
$918.00
$1045.00
$1221.50
$1021.50

Q 2: Jason deposited $1,000 in a bank account that gave an interest of 5% per annum. Interest is calculated every 6 months and added to the principal. Interest for next 6 months is calculated on the total amount. How much does he get after 1 year?
$1500.45
$1050.63
$1243.78
$1005.35

Q 3: 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?
$17,865.24
$18,875.50
$15,354.45
$16,875.74

Q 4: Principal = $1,500, Rate = 36%, and Time = 26-2-1991 to 8-7-1991, find the total amount.
$1690.76
$1635.50
$1650.32
$1695.29

Q 5: 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?
$375
$540
$5375
$3375

Q 6: Bob borrowed $5,000 from a bank at the rate of 18% per year. He lent $3,000 to a friend at the rate of 24% per year and $2,000 to another friend at the rate of 36% per year. How much profit would he earn in 2 years?
$500
$2450
$1080
$2081

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Question 8: This question is available to subscribers only!


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