Quiz 23

Question 0

The money borrowed is the interest.

Answer 0

False

Question 1

The simple interest formula is i = prt.

Answer 1

True

Question 2

Time in the simple interest formula is based on years.

Answer 2

True

Question 3

A commercial year has 380 days.

Answer 3

False

Question 4

Installment buying is buying on time.

Answer 4

True

Question 5

p = $1,000; r = 9 1/2%; t = 1 yr.

Answer 5

$95

Question 6

p = $1,500; r = 12%; t = 2 yr.

Answer 6

$360

Question 7

p = $875; r = 11%; t = 6 mo.

Answer 7

$48.13

Question 8

p = $500; r = 12 3/4%; t = 45 da.

Answer 8

$7.97

Question 9

p = $20,000; r = 7%; t = 2 1/2 yr.

Answer 9

$3,500