Directions: Answer the following qustions. Also write at least five examples of your own.

Q 1: A=P+_?_ T L I R

Q 2: The extra money that is repaid to the lender in addition to the money borrowed is called _____. Amount Interest Principal Extra

Q 3: Interest is ________ proportional to the principal, rate of interest and time period. not inversely directly

Q 4: The agreement between lender and borrower about interest to be calculated is called _______. Interest Rate of Interest Principal Profit

Q 5: The amount of money one borrow for his needs (or) one lends to others is called _______. Rate Principal Interest Amount

Q 6: A person borrowed $500 at the rate of 3 cents per month per dollar and repaid the amount after 6 months. How much did he repay? $500 $590 $545 $410

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