Simple Interest (Grade 10 NSC Matric Mathematics): Quizzes

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Simple Interest
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What is interest?

Money charged for borrowing money

What does 'per annum' (p.a.) mean?

Per year

What is the simple interest formula?

A=P(1+in)A = P(1 + in)

How do you convert 12.5% to a decimal for use in the formula?

0.125

If P=1000P = 1000, i=0.07i = 0.07, and n=3n = 3, what is AA using A=P(1+in)A = P(1 + in)?

1210

What does the principal (P) represent?

The initial amount invested or borrowed

Sarah borrows 5000 at 12.5% p.a. simple interest for 2 years. How much must she repay?

6250

What is the rearranged formula to find the interest rate ii?

i=A−PPni = \frac{A - P}{Pn}

How is simple interest different from compound interest?

It doesn't include interest on interest

What is the rearranged formula to find the time period nn?

n=A−PPin = \frac{A - P}{Pi}

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