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1. |
Each month, a credit card company charges an annual interest rate of 14.9% on the unpaid balance of the account. Mrs. Jones pays $200 of her $950 balance. If she does not charge any other items, find the amount of interest she will pay next month. |
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A. |
$111.75 |
B. |
$9.31 |
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C. |
$141.55 |
D. |
$11.80 |
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Hint |
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2. |
Find the total amount in the account to the nearest cent if $900 is deposited in an account with an annual interest rate of 6.25% for 7 months. |
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A. |
$1,293.75 |
B. |
$393.75 |
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C. |
$932.81 |
D. |
$32.81 |
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Hint |
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3. |
Cynthia opened a savings account with $1,250.00.The account pays 4.5% interest annually. If no transactions are made, how much will Cynthia have in her savings account in 3 years? |
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A. |
$1,081.25 |
B. |
$1,418.75 |
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C. |
$1,264.06 |
D. |
$168.75 |
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Hint |
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4. |
Nick borrowed $5,500.00 to purchase a used car. The bank charges 10.25% interest on Nick's loan for a period of 5 years. Find the amount of interest Nick will pay on his loan. |
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A. |
$281.88 |
B. |
$5,781.88 |
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C. |
$8,318.75 |
D. |
$2,818.75 |
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Hint |
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5. |
Find the total amount in an account to the nearest cent if $750 is deposited at 8.2% for 1 years. |
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A. |
$840.00 |
B. |
$811.50 |
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C. |
$842.25 |
D. |
$92.25 |
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Hint |
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