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Simple Interest
Math MCQs


Question :    Calculate the amount due if William borrowed a sum of $3500 at 10% simple interest for 3 years.


Correct Answer  $4550

Solution & Explanation

Solution

Given,

Principal (P) = $3500

Rate of Simple Interest (SI) = 10%

Time (t) = 3 years

Thus, Amount (A) = ?

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

Thus, here 10% simple interest means, Rate of Simple Interest (SI) is 10% 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) = $3500 × 10% × 3

= $3500 ×10/100 × 3

= 3500 × 10 × 3/100

= 35000 × 3/100

= 105000/100

= $1050

Thus, Simple Interest = $1050

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 = $3500 + $1050

= $4550

Thus, Amount to be paid = $4550 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 = $3500

Rate of Simple Interest (SI) or (R) = 10%

And, Time (t) = 3 years

Thus, Amount (A)

= $3500 + ($3500 × 10% × 3)

= $3500 + ($3500 ×10/100 × 3)

= $3500 + (3500 × 10 × 3/100)

= $3500 + (35000 × 3/100)

= $3500 + (105000/100)

= $3500 + $1050 = $4550

Thus, Amount (A) to be paid = $4550 Answer

Method (3) Unitary Method

Calculation of Amount using Unitary Method

Calculation of Interest using Unitary Method

Here, given Rate of Simple Interest = 10%

This, means, $10 per $100 per year

∵ For $100, the simple interest for 1 year = $10

∴ For $1, the simple interest for 1 year = 10/100

∴ For $3500, the simple interest in 1 year

= 10/100 × 3500

= 10 × 3500/100

= 35000/100 = $350

Thus, simple interest for 1 year = $350

Therefore, simple interest for 3 years

= Simple interest for 1 year × 3

= $350 × 3 = $1050

Thus, Simple Interest (SI) = $1050

Calculation of Amount

Amount = Principal + Interest

Thus, Amount = $3500 + $1050

= $4550

Thus, Amount to be paid = $4550 Answer


Similar Questions

(1) Joseph took a loan of $5400 at the rate of 6% simple interest per annum. If he paid an amount of $8316 to clear the loan, then find the time period of the loan.

(2) Calculate the amount due if Charles borrowed a sum of $3900 at 9% simple interest for 4 years.

(3) Calculate the amount due after 9 years if Karen borrowed a sum of $5950 at a rate of 8% simple interest.

(4) What amount does Susan have to pay after 6 years if he takes a loan of $3650 at 6% simple interest?

(5) Patricia took a loan of $4300 at the rate of 6% simple interest per annum. If he paid an amount of $5848 to clear the loan, then find the time period of the loan.

(6) Find the amount to be paid if Charles borrowed a sum of $5900 at 5% simple interest for 7 years.

(7) Robert had to pay $3379 in order to furnish the loan taken 3 years before. If the rate of simple interest was 3% then find the sum borrowed.

(8) Barbara had to pay $3976 in order to furnish the loan taken 3 years before. If the rate of simple interest was 4% then find the sum borrowed.

(9) If David borrowed $3400 from a bank at a rate of 3% simple interest per annum then find the amount to be paid after 2 years.

(10) Calculate the amount due if Elizabeth borrowed a sum of $3450 at 5% simple interest for 3 years.