| |
| |
1. |
If you invest $1200 in an account that pays 13.2% simple interest, what is the balance of the account after 4 years? |
| |
|
A. |
$633.60 |
B. |
$5433.60 |
| |
|
C. |
$1358.40 |
D. |
$1833.60 |
| |
|
Hint |
|
| |
2. |
If you invest $7,593 in an account that pays 5.6% simple interest, and you leave all of the money in the account, what is the balance of the account after 7 years? |
| |
|
A. |
$8,018.21 |
B. |
$531.51 |
| |
|
C. |
$10,569.46 |
D. |
$56,127.46 |
| |
|
Hint |
|
| |
3. |
Find the interest earned if you place $76.43 into an account that pays 21.5% simple interest, and leave it in for 3 months. |
| |
|
A. |
$278.59 |
B. |
$4.11 |
| |
|
C. |
$23.22 |
D. |
$49.30 |
| |
|
Hint |
|
| |
4. |
If you take out a loan for $550 at 7.2% simple interest and make no payments for 6 months, how much do you owe total? |
| |
|
A. |
$294.80 |
B. |
$946.00 |
| |
|
C. |
$569.80 |
D. |
$589.60 |
| |
|
Hint |
|
| |
5. |
If you buy a necklace for $400 on your credit card, which charges 21.3% simple interest, how much interest will be added after 15 months? |
| |
|
A. |
$100.00 |
B. |
$85.20 |
| |
|
C. |
$266.25 |
D. |
$106.50 |
| |
|
Hint |
|
|
|