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1. |
Martha deposited $400 in a savings account. The account earns 7.15% interest annually. If she does not deposit or withdraw any money for 30 months, how much will she have in her account. |
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A. |
$610 |
B. |
$210 |
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C. |
$71.50 |
D. |
$471.50 |
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Hint |
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2. |
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. |
$168.75 |
D. |
$1,264.06 |
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Hint |
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3. |
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. |
$2,818.75 |
D. |
$8,318.75 |
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Hint |
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4. |
Amber borrowed $2,100 to buy a big screen television. She will be paying $103.25 each month for the next 24 months. Find the simple interest rate for her loan. |
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A. |
10.5% |
B. |
10% |
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C. |
9% |
D. |
9.5% |
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Hint |
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5. |
Dakota borrowed $4,200 to buy furniture. He will be paying $108.50 per month for the next 48 months. Find the simple interest rate for his loan. |
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A. |
6% |
B. |
8% |
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C. |
12% |
D. |
10% |
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Hint |
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