1.
An appliance store will sell televisions on credit with no payment due for 1 year from the date of purchase. What is the total cost of a $599 television after 1 year if the store charges 22.5% simple interest and no payments are made?
A.
$464.23
B.
$772.91
C.
$733.78
D.
$134.78
Hint
2.
Determine the amount of interest owed after 2 years on a $850 loan at
% if no payments are made.
A.
$745.87
B.
$104.13
C.
$208.25
D.
$1058.25
Hint
3.
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.
$26.46
C.
$90.34
D.
$79.37
Hint
4.
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.
$56,127.46
C.
$10,569.46
D.
$531.51
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.
$106.50
C.
$85.20
D.
$100.00
Hint