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.
A.
$610
B.
$471.50
C.
$71.50
D.
$210
Hint
2.
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.
A.
2.4%
B.
3.6%
C.
6%
D.
5%
Hint
3.
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.
A.
$141.55
B.
$9.31
C.
$11.80
D.
$111.75
Hint
4.
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.
A.
$1,293.75
B.
$932.81
C.
$32.81
D.
$393.75
Hint
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.
A.
12%
B.
8%
C.
10%
D.
6%
Hint