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Simple Interest
Math MCQs


Question :    Find the amount to be paid if Michael borrowed a sum of $5300 at 9% simple interest for 8 years.


Correct Answer  $9116

Solution & Explanation

Solution

Given,

Principal (P) = $5300

Rate of Simple Interest (SI) = 9%

Time (t) = 8 years

Thus, Amount (A) = ?

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

Thus, here 9% simple interest means, Rate of Simple Interest (SI) is 9% 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) = $5300 × 9% × 8

= $5300 ×9/100 × 8

= 5300 × 9 × 8/100

= 47700 × 8/100

= 381600/100

= $3816

Thus, Simple Interest = $3816

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 = $5300 + $3816

= $9116

Thus, Amount to be paid = $9116 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 = $5300

Rate of Simple Interest (SI) or (R) = 9%

And, Time (t) = 8 years

Thus, Amount (A)

= $5300 + ($5300 × 9% × 8)

= $5300 + ($5300 ×9/100 × 8)

= $5300 + (5300 × 9 × 8/100)

= $5300 + (47700 × 8/100)

= $5300 + (381600/100)

= $5300 + $3816 = $9116

Thus, Amount (A) to be paid = $9116 Answer

Method (3) Unitary Method

Calculation of Amount using Unitary Method

Calculation of Interest using Unitary Method

Here, given Rate of Simple Interest = 9%

This, means, $9 per $100 per year

∵ For $100, the simple interest for 1 year = $9

∴ For $1, the simple interest for 1 year = 9/100

∴ For $5300, the simple interest in 1 year

= 9/100 × 5300

= 9 × 5300/100

= 47700/100 = $477

Thus, simple interest for 1 year = $477

Therefore, simple interest for 8 years

= Simple interest for 1 year × 8

= $477 × 8 = $3816

Thus, Simple Interest (SI) = $3816

Calculation of Amount

Amount = Principal + Interest

Thus, Amount = $5300 + $3816

= $9116

Thus, Amount to be paid = $9116 Answer


Similar Questions

(1) Calculate the amount due if Sarah borrowed a sum of $3850 at 9% simple interest for 3 years.

(2) David took a loan of $4800 at the rate of 8% simple interest per annum. If he paid an amount of $8256 to clear the loan, then find the time period of the loan.

(3) How much loan did Kimberly borrow 5 years ago at a rate of simple interest 4% per annum, if he paid $7980 to clear it?

(4) What amount does Linda have to pay after 6 years if he takes a loan of $3350 at 10% simple interest?

(5) Find the amount to be paid if Jennifer borrowed a sum of $5250 at 10% simple interest for 8 years.

(6) Calculate the amount due after 10 years if Jennifer borrowed a sum of $5250 at a rate of 9% simple interest.

(7) Daniel had to pay $4715 in order to furnish the loan taken 3 years before. If the rate of simple interest was 5% then find the sum borrowed.

(8) Joseph took a loan of $5400 at the rate of 6% simple interest per annum. If he paid an amount of $7992 to clear the loan, then find the time period of the loan.

(9) John took a loan of $4400 at the rate of 10% simple interest per annum. If he paid an amount of $7040 to clear the loan, then find the time period of the loan.

(10) Patricia took a loan of $4300 at the rate of 7% simple interest per annum. If he paid an amount of $6106 to clear the loan, then find the time period of the loan.