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.
$733.78
C.
$134.78
D.
$772.91
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.
$1058.25
C.
$104.13
D.
$208.25
Hint
3.
Find the interest earned if $278.50 is placed in a savings account at 9.5% simple interest for 3 years.
A.
$26.46
B.
$28.50
C.
$79.37
D.
$90.34
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.
$56,127.46
B.
$531.51
C.
$10,569.46
D.
$8,018.21
Hint
5.
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