1.
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.
$932.81
B.
$1,293.75
C.
$32.81
D.
$393.75
Hint
2.
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.
A.
$8,318.75
B.
$281.88
C.
$5,781.88
D.
$2,818.75
Hint
3.
Find the total amount in an account to the nearest cent if $750 is deposited at 8.2% for 1
years.
A.
$811.50
B.
$92.25
C.
$840.00
D.
$842.25
Hint
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.
A.
10%
B.
9%
C.
10.5%
D.
9.5%
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.
6%
C.
10%
D.
8%
Hint