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1. |
Jerry borrowed $3,900 to purchase a used car. He will be paying $137.80 for the next 30 months. Find the simple interest rate on the loan. |
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A. |
2.4% |
B. |
3.6% |
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C. |
5% |
D. |
6% |
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Hint |
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2. |
Suppose $4,385 is placed in a savings account for 4 years. Find the simple interest if the interest rate is 3.85%. |
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A. |
$168.82 |
B. |
$506.47 |
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C. |
$337.65 |
D. |
$675.29 |
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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. |
$1,418.75 |
B. |
$1,081.25 |
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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. |
$2,818.75 |
B. |
$5,781.88 |
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C. |
$281.88 |
D. |
$8,318.75 |
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Hint |
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5. |
Find the simple interest to the nearest cent on $527.86 at 3.99% for 7.5 years. |
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A. |
$157.96 |
B. |
$147.43 |
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C. |
$369.90 |
D. |
$685.82 |
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Hint |
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