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Simple Interest
Math MCQs


Question :    Find the amount to be paid if Joseph borrowed a sum of $5700 at 6% simple interest for 7 years.


Correct Answer  $8094

Solution & Explanation

Solution

Given,

Principal (P) = $5700

Rate of Simple Interest (SI) = 6%

Time (t) = 7 years

Thus, Amount (A) = ?

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

Thus, here 6% simple interest means, Rate of Simple Interest (SI) is 6% 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) = $5700 × 6% × 7

= $5700 ×6/100 × 7

= 5700 × 6 × 7/100

= 34200 × 7/100

= 239400/100

= $2394

Thus, Simple Interest = $2394

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 = $5700 + $2394

= $8094

Thus, Amount to be paid = $8094 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 = $5700

Rate of Simple Interest (SI) or (R) = 6%

And, Time (t) = 7 years

Thus, Amount (A)

= $5700 + ($5700 × 6% × 7)

= $5700 + ($5700 ×6/100 × 7)

= $5700 + (5700 × 6 × 7/100)

= $5700 + (34200 × 7/100)

= $5700 + (239400/100)

= $5700 + $2394 = $8094

Thus, Amount (A) to be paid = $8094 Answer

Method (3) Unitary Method

Calculation of Amount using Unitary Method

Calculation of Interest using Unitary Method

Here, given Rate of Simple Interest = 6%

This, means, $6 per $100 per year

∵ For $100, the simple interest for 1 year = $6

∴ For $1, the simple interest for 1 year = 6/100

∴ For $5700, the simple interest in 1 year

= 6/100 × 5700

= 6 × 5700/100

= 34200/100 = $342

Thus, simple interest for 1 year = $342

Therefore, simple interest for 7 years

= Simple interest for 1 year × 7

= $342 × 7 = $2394

Thus, Simple Interest (SI) = $2394

Calculation of Amount

Amount = Principal + Interest

Thus, Amount = $5700 + $2394

= $8094

Thus, Amount to be paid = $8094 Answer


Similar Questions

(1) Kimberly had to pay $5208 in order to furnish the loan taken 3 years before. If the rate of simple interest was 4% then find the sum borrowed.

(2) What amount does Sarah have to pay after 5 years if he takes a loan of $3850 at 4% simple interest?

(3) Calculate the amount due if Linda borrowed a sum of $3350 at 6% simple interest for 3 years.

(4) Calculate the amount due if Michael borrowed a sum of $3300 at 4% simple interest for 3 years.

(5) David took a loan of $4800 at the rate of 7% simple interest per annum. If he paid an amount of $7824 to clear the loan, then find the time period of the loan.

(6) How much loan did Sarah borrow 5 years ago at a rate of simple interest 3% per annum, if he paid $6727.5 to clear it?

(7) In how much time a principal of $3200 will amount to $3840 at a simple interest of 5% per annum?

(8) Find the amount to be paid if Susan borrowed a sum of $5650 at 6% simple interest for 8 years.

(9) If Emily paid $5700 to settle his loan which he had taken 4 years before at a simple interest of 5%, then find the loan taken.

(10) What amount will be due after 2 years if Kenneth borrowed a sum of $4000 at a 10% simple interest?