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.
A.
$111.75
B.
$141.55
C.
$9.31
D.
$11.80
Hint
2.
Suppose $4,385 is placed in a savings account for 4 years. Find the simple interest if the interest rate is 3.85%.
A.
$337.65
B.
$506.47
C.
$168.82
D.
$675.29
Hint
3.
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.
$32.81
B.
$932.81
C.
$393.75
D.
$1,293.75
Hint
4.
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?
A.
$1,418.75
B.
$1,081.25
C.
$168.75
D.
$1,264.06
Hint
5.
Find the simple interest to the nearest cent on $527.86 at 3.99% for 7.5 years.
A.
$685.82
B.
$147.43
C.
$157.96
D.
$369.90
Hint