// Numbas version: exam_results_page_options {"name": "Interest amount - simple interest", "extensions": [], "custom_part_types": [], "resources": [], "navigation": {"allowregen": true, "showfrontpage": false, "preventleave": false, "typeendtoleave": false}, "question_groups": [{"pickingStrategy": "all-ordered", "questions": [{"ungrouped_variables": ["P", "period", "n", "ipa", "ipadec", "int", "introunded"], "preamble": {"css": "", "js": ""}, "variablesTest": {"maxRuns": 100, "condition": ""}, "parts": [{"variableReplacements": [], "marks": 0, "prompt": "
$\\$\\,$[[0]] (to the nearest cent)
", "useCustomName": false, "gaps": [{"variableReplacements": [], "allowFractions": false, "marks": 1, "notationStyles": ["plain", "en", "si-en"], "minValue": "int", "useCustomName": false, "showCorrectAnswer": true, "precisionMessage": "You have not given your answer to the nearest cent.", "unitTests": [], "precisionType": "dp", "correctAnswerFraction": false, "customMarkingAlgorithm": "", "extendBaseMarkingAlgorithm": true, "mustBeReduced": false, "type": "numberentry", "variableReplacementStrategy": "originalfirst", "scripts": {}, "maxValue": "int", "correctAnswerStyle": "plain", "mustBeReducedPC": 0, "showPrecisionHint": false, "showFeedbackIcon": true, "precisionPartialCredit": 0, "customName": "", "strictPrecision": false, "precision": "2"}], "showFeedbackIcon": true, "showCorrectAnswer": true, "unitTests": [], "customName": "", "customMarkingAlgorithm": "", "extendBaseMarkingAlgorithm": true, "type": "gapfill", "variableReplacementStrategy": "originalfirst", "scripts": {}, "sortAnswers": false}], "variable_groups": [], "extensions": [], "advice": "We are asked to find the interest amount using simple interest. Therefore we will use the equation
\n$I=Ptr$,
\nwhere $I$ is the interest amount, $P$ is the present value, $r$ is the interest rate per annum and $t$ is the time in years.
\nIn our situation we have,
\n$P=\\$\\var{P}$,
\n$r=\\var{ipa}\\%=\\var{ipadec}$,
\n$t=\\frac{\\var{n}}{\\var{period[1]}}$,
\nand therefore
\n$\\begin{align}I&=\\var{P}\\times \\frac{\\var{n}}{\\var{period[1]}}\\times\\var{ipadec}\\\\&=\\$ \\var{introunded} \\text{ (to the nearest cent)}\\end{align}$
", "name": "Interest amount - simple interest", "variables": {"P": {"templateType": "anything", "definition": "random(1000..100000#1000)", "description": "present value
", "name": "P", "group": "Ungrouped variables"}, "period": {"templateType": "anything", "definition": "random(['quarters', 4],['months',12],['days', 365])", "description": "", "name": "period", "group": "Ungrouped variables"}, "ipadec": {"templateType": "anything", "definition": "ipa/100", "description": "", "name": "ipadec", "group": "Ungrouped variables"}, "ipa": {"templateType": "anything", "definition": "random(3..9#0.01)", "description": "interest per annum as a percentage (add the symbol afterwards)
", "name": "ipa", "group": "Ungrouped variables"}, "n": {"templateType": "anything", "definition": "random(5..40)", "description": "", "name": "n", "group": "Ungrouped variables"}, "int": {"templateType": "anything", "definition": "P*n/period[1]*ipadec", "description": "", "name": "int", "group": "Ungrouped variables"}, "introunded": {"templateType": "anything", "definition": "precround(int,2)", "description": "", "name": "introunded", "group": "Ungrouped variables"}}, "statement": "If you are unsure of how to do a question, click on Reveal answers to see the full working. Then, once you understand how to do the question, click on Try another question like this one to start again. Do each question repeatedly to ensure you have mastered it.
", "metadata": {"description": "Using simple interest determine the amount of interest paid", "licence": "Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International"}, "functions": {}, "rulesets": {}, "tags": [], "contributors": [{"name": "Ben Brawn", "profile_url": "https://numbas.mathcentre.ac.uk/accounts/profile/605/"}]}]}], "contributors": [{"name": "Ben Brawn", "profile_url": "https://numbas.mathcentre.ac.uk/accounts/profile/605/"}]}