1.
Jerry borrowed $3,900 to purchase a used car. He will be paying $137.80 for the next 30 months. Find the simple interest rate on the loan.
A.
5%
B.
6%
C.
2.4%
D.
3.6%
Hint
2.
Suppose $4,385 is placed in a savings account for 4 years. Find the simple interest if the interest rate is 3.85%.
A.
$337.65
B.
$506.47
C.
$675.29
D.
$168.82
Hint
3.
Cynthia opened a savings account with $1,250.00.The account pays 4.5% interest annually. If no transactions are made, how much will Cynthia have in her savings account in 3 years?
A.
$1,081.25
B.
$1,264.06
C.
$168.75
D.
$1,418.75
Hint
4.
James has a bank account with $500.00 that collects 2.875% interest annually. How much will be in James' account after 24 months if no transactions are made?
A.
$471.25
B.
$3,375.00
C.
$528.75
D.
$28.75
Hint
5.
Find the simple interest to the nearest cent on $527.86 at 3.99% for 7.5 years.
A.
$369.90
B.
$147.43
C.
$157.96
D.
$685.82
Hint