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

Q 1: The extra money that is repaid to the lender in addition to the money borrowed is called _____. Principal Amount Extra Interest

Q 2: A=P+_?_ T I R L

Q 3: 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 $545 $410 $590

Q 4: The amount of money one borrow for his needs (or) one lends to others is called _______. Interest Amount Rate Principal

Q 5: The agreement between lender and borrower about interest to be calculated is called _______. Interest Profit Rate of Interest Principal

Q 6: Amount = Principal + _____ Principal Rate Interest Loss

Q 7: Interest is ________ proportional to the principal, rate of interest and time period. directly inversely not

Q 8: The total money which is repaid to the lender at the end of agreed time is called ___ Amount (Total Amount) Interest Principal Rate

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