Simple Interest
5 practice questionsFinanceStep-by-step solutions
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1
What is the simple interest on $2,000 at 5% per year for 3 years?
A.$100
B.$300
C.$315
D.$600
2
Simple interest is calculated on what amount?
A.Only the tax amount
B.Only the final balance
C.The original principal only
D.The principal plus accumulated interest every period
3
What is the simple interest on $1,000 at 5% per year for 2 years?
A.$50
B.$100
C.$110
D.$1,100
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