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Simple Interest
Math MCQs


Question :    If Susan borrowed $3650 from a bank at a rate of 2% simple interest per annum then find the amount to be paid after 2 years.


Correct Answer  $3796

Solution & Explanation

Solution

Given,

Principal (P) = $3650

Rate of Simple Interest (SI) = 2%

Time (t) = 2 years

Thus, Amount (A) = ?

The Rate of Interest is always calculated per annum, i.e. per year.

Thus, here 2% simple interest means, Rate of Simple Interest (SI) is 2% per annum.

Method (1) Using Formula

Calculation of Simple Interest

Formula to Calculate Simple Interest

Simple Interest (SI) = Principal × Rate × Time

Thus, Simple Interest (SI) = $3650 × 2% × 2

= $3650 ×2/100 × 2

= 3650 × 2 × 2/100

= 7300 × 2/100

= 14600/100

= $146

Thus, Simple Interest = $146

Calculation of Amount

The total money paid to the lender by a borrower is called the Amount.

In other words, sum of priciple and interest is called the Amount.

Formula to Calculate the Amount

Amount = Principal + Interest

Thus, Amount = $3650 + $146

= $3796

Thus, Amount to be paid = $3796 Answer

Method (2)

Calculation of Amount when Principal, Rate of Simple Interest and Time are given

Calculation of Amount directly using Principal, SI, and Time

Formula to calculate the Amount

Amount (A) = Principal (P) + Principal(P) × Rate of Interest (SI) × Time (t)

⇒ A = P + PRT

Here in the question, P = $3650

Rate of Simple Interest (SI) or (R) = 2%

And, Time (t) = 2 years

Thus, Amount (A)

= $3650 + ($3650 × 2% × 2)

= $3650 + ($3650 ×2/100 × 2)

= $3650 + (3650 × 2 × 2/100)

= $3650 + (7300 × 2/100)

= $3650 + (14600/100)

= $3650 + $146 = $3796

Thus, Amount (A) to be paid = $3796 Answer

Method (3) Unitary Method

Calculation of Amount using Unitary Method

Calculation of Interest using Unitary Method

Here, given Rate of Simple Interest = 2%

This, means, $2 per $100 per year

∵ For $100, the simple interest in 1 year = $2

∴ For $1, the simple interest in 1 year = 2/100

∴ For $3650, the simple interest in 1 year

= 2/100 × 3650

= 2 × 3650/100

= 7300/100 = $73

Thus, simple interest in 1 year = $73

Therefore, simple interest for 2 years

= Simple interest for 1 year × 2

= $73 × 2 = $146

Thus, Simple Interest (SI) = $146

Calculation of Amount

Amount = Principal + Interest

Thus, Amount = $3650 + $146

= $3796

Thus, Amount to be paid = $3796 Answer


Similar Questions

(1) Michael took a loan of $4600 at the rate of 9% simple interest per annum. If he paid an amount of $8740 to clear the loan, then find the time period of the loan.

(2) Calculate the amount due after 10 years if Elizabeth borrowed a sum of $5450 at a rate of 4% simple interest.

(3) Calculate the amount due after 10 years if Elizabeth borrowed a sum of $5450 at a rate of 3% simple interest.

(4) Patricia had to pay $3622.5 in order to furnish the loan taken 3 years before. If the rate of simple interest was 5% then find the sum borrowed.

(5) What amount does James have to pay after 5 years if he takes a loan of $3000 at 3% simple interest?

(6) Mary took a loan of $4100 at the rate of 10% simple interest per annum. If he paid an amount of $7380 to clear the loan, then find the time period of the loan.

(7) Calculate the amount due if Jennifer borrowed a sum of $3250 at 10% simple interest for 4 years.

(8) Michelle had to pay $5692.5 in order to furnish the loan taken 3 years before. If the rate of simple interest was 5% then find the sum borrowed.

(9) Calculate the amount due after 9 years if John borrowed a sum of $5200 at a rate of 7% simple interest.

(10) Calculate the amount due if Barbara borrowed a sum of $3550 at 2% simple interest for 4 years.