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.
$210
D.
$71.50
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.
5%
B.
2.4%
C.
3.6%
D.
6%
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.
$111.75
B.
$9.31
C.
$11.80
D.
$141.55
Hint
4.
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.
$675.29
C.
$168.82
D.
$506.47
Hint
5.
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.
10.5%
B.
10%
C.
9%
D.
9.5%
Hint