

1. 
Determine the amount of interest owed after 2 years on a $850 loan at % if no payments are made. 


A. 
$1058.25 
B. 
$745.87 


C. 
$208.25 
D. 
$104.13 


Hint 


2. 
Find the interest earned if $278.50 is placed in a savings account at 9.5% simple interest for 3 years. 


A. 
$26.46 
B. 
$79.37 


C. 
$28.50 
D. 
$90.34 


Hint 


3. 
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. 
$10,569.46 
B. 
$531.51 


C. 
$56,127.46 
D. 
$8,018.21 


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. 
$569.80 
B. 
$294.80 


C. 
$589.60 
D. 
$946.00 


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. 
$106.50 


C. 
$266.25 
D. 
$85.20 


Hint 


