Multiple Choice Questions:

(1) Which is the correct formula for time using the simple interest formula?

(a) T = I × P × T

(b) T = I/ (P × R)

(c) T = P/ (I × R)

(d) T = R/ (I × P)

(2) How many days are in a year for exact interest?

(a) 360

(b) 366

(c) 359

(d) 365

(e) 356

(3) Find the bank discount and proceeds using ordinary interest on a note of $3,000 at 10%for 36 days.

(a) $300; $2,700

(b) $30; $3,030

(c) $30; $2,970

(d) $3; $2,997

(4) Find the total amount repaid for a loan for $200 at 5% simple interest for 72 days using a 360-day year.

(a) $220

(b) $202

(c) $204

(d) $260

(e) $240

Answer rating: 100% (QA)

1 b T I ... View the full answer