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

Q 1: The amount of money one borrow for his needs (or) one lends to others is called _______. Amount Rate Interest Principal

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

Q 3: Find interest on $75 for 9 months at the rate of 2 cents per month per dollar. $15.30 $13.50 $14.40 $12.75

Q 4: 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? $545 $410 $500 $590

Q 5: The extra money that is repaid to the lender in addition to the money borrowed is called _____. Amount Principal Interest Extra

Q 6: Interest is ________ proportional to the principal, rate of interest and time period. not inversely directly

Q 7: Amount = Principal + _____ Rate Principal Loss Interest

Q 8: The agreement between lender and borrower about interest to be calculated is called _______. Principal Profit Interest Rate of Interest

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