1.   Determine the amount of interest owed after 2 years on a $850 loan at % if no payments are made.
    A. $104.13 B. $1058.25
    C. $208.25 D. $745.87
    Hint

  2.   Find the interest earned if $278.50 is placed in a savings account at 9.5% simple interest for 3 years.
    A. $28.50 B. $90.34
    C. $26.46 D. $79.37
    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. $589.60 B. $569.80
    C. $294.80 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. $266.25 B. $85.20
    C. $106.50 D. $100.00
    Hint



Glencoe
The McGraw-Hill Companies