# Quiz 7: Simple Interest

Business

Q 1Q 1

Calculate the amount of interest that will be charged on $7000.00 borrowed for five months at 5.5%.

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P = 7000; r = 0.055; t = I = 7000(0.055) = $160.42

Q 2Q 2

Calculate the amount of interest that will be charged on $9000.00 borrowed for four months at 9.0%.

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P = 9000; r = 0.09; t = I = (9000)(0.09) = $270.00

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The number of days is 2 + 28 + 31 + 30 + 19 = 110 days

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Q 12Q 12

Alex borrowed $7500 to buy a car.If interest is charged on a loan at 8.5%,how much interest would he have to pay in 120 days.

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Q 14Q 14

A bank pays an interest of 4.5% for a three month term deposit.Calculate the amount that Stacy must invest to earn an interest of $100.00.

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Q 16Q 16

What principal will earn $219.89 interest at 11.25% p.a.from November 16,2013 to February 7,2014?

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Q 20Q 20

If Inez is charged an interest of $42.95 on a loan of $950.00 for seven months,calculate the rate of interest charged on the loan.

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Q 21Q 21

At what rate of interest must a principal of $1535.00 be invested to earn interest of $75.46 in 235 days?

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Q 23Q 23

What rate of interest is paid if the interest on a loan of $3500.00 is $99.06 from November 14,2013 to May 20,2014?

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Q 24Q 24

What rate of interest is paid if the interest on a loan of $7300.00 is $692.71 from June 11,2014 to April 2,2015?

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Q 25Q 25

What rate of interest is required for $940.48 to earn $42.49 interest from September 30,2013,to March 4,2014?

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Q 26Q 26

What rate of interest is paid if the interest on a loan of $15 000.00 is $2000.00 from January 31,2014 to May 31,2014?

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Q 27Q 27

An investment of $12 000.00 earns an interest of $480.00.Calculate the time in months if the interest rate is 6%.

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Q 35Q 35

Daniel's credit card statement last month showed $560 in cash advances and $5.25 in interest charges.The interest rate on the statement was 18.8%.For how many days was Daniel charged interest?

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Q 36Q 36

On June 12,2013,Frank James opened a low interest line of credit at his bank,with interest at 4.5% p.a.He used this line of credit immediately to pay $5300 of the tuition fee.On what date did Frank James honour the line of credit if he ended up paying $186.20 in interest?

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Q 38Q 38

Find the maturity value of $1080.00 invested at 3.65% from July 24,2014 to December 21,2014.

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Q 42Q 42

Tamiko invested $1500.00 at a bank for eight months at an interest rate of 4 %.Calculate the maturity value of the investment.

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Q 44Q 44

Leo wishes to invest $8000.00 that he saved from his summer job.His bank offers 3.75% for a one-year term investment or 3.5% for a six-month term.Help Leo to investigate his options.
a)How much will Leo receive after one year if he invests at the one-year rate?
b)How much will Leo receive after one-year if he invests for six-months at a time at 3.5% each time?
c)What would the one-year rate have to be to yield the same amount of interest as the investment described in part b)?

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Q 48Q 48

Find the present value of a debt of $760.00 ninety-five days before it is due if money is worth 6.25%.

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Q 53Q 53

Determine the amount of money that would have to be invested at 5 % to accumulate to $10 000.00,91 days after the investment date.

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Q 56Q 56

On April 24,2012,Rebecca purchased a government-guaranteed short-term investment maturing on
July 5,2012.How much did Rebecca pay for the investment if she will receive $6000 on the maturity date and interest is 2.75%?

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Q 57Q 57

An appliance store advertises a stove for $747.50 with nothing down,no payments and no interest for six months.Determine the cash value the store would be willing to accept if on a six-month investment,it can earn an interest of 4%.

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Q 58Q 58

A loan payment of $1700 was due 60 days ago and another payment of $1200 is due 45 days from now.What single payment 90 days from now will pay off the two obligation if interest is to be 14% and the agreed focal date is 90 days from now?

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Q 59Q 59

Debt payments of $800.00 due now and $1400.00 due in five months are to be repaid by a payment of $1000.00 in three months and a final payment in eight months.Calculate the size of the final payment if interest is 6%.

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Q 60Q 60

Debt payments of $1610.00 due today,$725.00 due in 101 days and $670.00 due in 296 days respectively are to be combined into a single payment to be made 170 days from now.What is that single payment,if money is worth 9.5% p.a.and the agreed focal date is 170 days from now?

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Q 61Q 61

Debt payments of $2130.00 and $1794.00 are due five months from now and nine months from now respectively.What single payment is required to pay off the debt today if interest is 6.36%?

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Q 62Q 62

Three debts,the first for $1720 due four months ago,the second for $1315 due in 5 months,and the third for $1640 due in 7 months,are to be paid by a single payment today.How much is the single payment if money is worth 7.5% p.a.and the agreed focal date is today?

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Q 63Q 63

Debt payments of $1000.00 due today,$500.00 due in 90 days,and $500.00 due in 120 days are to be combined into a single payment to be made 120 days from today.What is that single payment if money is worth 9.00% p.a.and the agreed focal date is 120 days from today?

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Q 64Q 64

Debt payments of $500.00,$1000.00,$1500.00 are due on March 1,May 1,and December 1 of the same year.If interest is 8% calculate the single payment on August 1 of the same year that would replace the three payments.

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Q 65Q 65

Debt payments of $1925.00 due today,$510.00 due in 87 days,and $674.00 due in 337 days are to be combined into a single payment to be made 115 days from now.What is that single payment if money is worth 8.65% p.a.and the agreed focal date is 115 days from now?

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Q 66Q 66

Debt payments of $1170.00 due two months ago and $1243.00 due today respectively are to be repaid by a payment of $1505.00 in one month and the balance in four months.If money is worth 8.4% p.a.and the agreed focal date is four months from now,what is the size of the final payment?

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Q 67Q 67

Debt obligations of $700.00 due three months ago and $1810.00 due in one month are to be repaid by a payment of $1200.00 today and the balance in six months.What is the size of the final payment if interest is 7.75% and the agreed focal date is one month from now?

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Q 68Q 68

Two obligations of $835 each,due 90 days ago and 35 days ago respectively,are to be settled by two equal payments to be made today and 65 days from now respectively.If interest allowed is 8.75% and the agreed focal date is today,what is the size of the equal payments?

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Q 69Q 69

Debts of $1480.00 due four months ago and $1385.00 due in one month are to be settled by two equal payments due now and nine months from now respectively.Find the size of the equal payments at 12% p.a.with the agreed focal date now.

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Q 70Q 70

A loan of $3325.00 is to be repaid by three equal payments due in 102 days,157 days and 189 days respectively.Determine the size of the equal payments at 12.15% p.a.with a focal date of today.

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Q 71Q 71

A loan of $1000 taken out on January 1 requires equal payments on February 1,March 1,and April 1.If the focal date is april 1,what is the size of the equal payments at 6.0%?

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Q 72Q 72

A loan of $1825 taken out on March 10 requires equal payments on April 30,June 19,and August 3,and a final payment of $700 on September 30.If the focal date is September 30,what is the size of the equal payments at 8.6%?

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Q 73Q 73

Payments of $1430 due one year ago and $1175 due with interest of 6% in nine months are to be settled by three equal payments due today,seven months from now,and one year from now at 7.5%.Determine the size of the equal payments if the agreed focal date is one year from today.

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Q 74Q 74

A debt of $1410.00 due 6 months ago and a second debt of $1815.00 due in 4 months with interest at 6.16% p.a.are to be settled by two equal payments due now and 9 months from now respectively.Find the size of the equal payments at 7.37% p.a.with the agreed focal date now.

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Q 75Q 75

Payments of $5100 each due in five,ten,and fourteen months from now are to be settled by three equal payments due today,seven months from now,and eleven months from now.What is the size of the equal payments if interest is 8.75% and the agreed focal date is today?

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Q 76Q 76

A loan of $10 000.00 is to be repaid in four equal payments due in three months,six months,nine months,and one year respectively after the date of the loan.Calculate the size of the equal payments if interest is 8.5%.

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Q 77Q 77

A loan of $4100 is to be repaid in three equal installments due 110,197,and 311 days respectively after the date of the loan.If the focal date is the date of the loan and interest is 6.89% p.a.,find the size of the installments.

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Q 78Q 78

A debt of $7120 is to be settled by two equal payments due today,and three years from now respectively.Determine the size of the equal payments if money is worth 8.73% and the agreed focal day is today.

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Q 79Q 79

The exact number of days between January 25,2012 and March 25,2012 is?
A)59 days
B)60 days
C)61 days
D)62 days
E)63 days

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Q 80Q 80

The exact number of days between January 5 and March 17 during the next leap year is?
A)72 days
B)74 days
C)73 days
D)71 days
E)75 days

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Q 81Q 81

Calculate the amount of interest if $2000.00 is invested at 6% for 200 days.
A)$65.75
B)$120.00
C)$54.25
D)$6575.34
E)$240.00

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Q 82Q 82

Calculate the amount of interest if $700.00 is invested at 5.5% for two years and nine months.
A)$111.65
B)$105.88
C)$10 587.50
D)$1058.75
E)$158.65

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Q 83Q 83

How much interest will you pay on a loan of $15 500 if you are paying the loan off in 9 months? Your loan rate is 7.125%.
A)$828.28
B)$838.28
C)$848.28
D)$818.28
E)$858.28

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Q 84Q 84

Calculate the amount of interest if $3000.00 is invested at 6.25% from November 30,2014 to May 15,2015.
A)$843.75
B)$86.82
C)$85.27
D)$70.31
E)$70.75

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Q 85Q 85

What rate of interest did you receive over a period of 90 days if your principal was $5000 and it has a maturity value of $6000?
A)81.11%
B)8.11%
C)0.811%
D)0.0811%
E)811.11%

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Q 86Q 86

What rate of interest did you receive over a period of 67 days if your principal was $7444 and it has a maturity value of $7601?
A)11.94%
B)11.49%
C)11.69%
D)11.29%
E)11.99%

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Q 87Q 87

What rate of interest did you earn for a period of 2417 days if you invested $175 and you earned $222 in interest?
A)16.19%
B)17.19%
C)29.19%
D)21.19%
E)19.16%

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Q 88Q 88

How many days did it take for your investment of $4300 to accrue $147 in interest at a rate of 8.12%?
A)163.36 days
B)135.36 days
C)157.36 days
D)153.67 days
E)163.67 days

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Q 89Q 89

You have $5000 invested in a 30-day savings certificate at an interest rate of 1.00%.How much money will you have when the certificate matures?
A)$5004.11
B)$5040.11
C)$5400.11
D)$4.11
E)$4500.11

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Q 90Q 90

You have $4447 invested in a 180-day savings certificate at an interest rate of 3.65%.How much money will you have when the certificate matures?
A)$5427.05
B)$4572.05
C)$5472.05
D)$4527.05
E)$4257.05

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Q 91Q 91

How much money do you have to invest in order to accumulate a total of $10 000 in 365 days if you are able to earn 5.00% on your money?
A)$9533.81
B)$9523.81
C)$10000.81
D)$8523.81
E)$5923.81

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Q 92Q 92

How much money do you have to invest in order to accumulate a total of $4761 in 327 days if you are able to earn 9.52% on your money?
A)$3485.86
B)$4358.86
C)$4386.85
D)$3458.86
E)$3845.86

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Q 93Q 93

You currently owe $1400 today and $2317 in 195 days at a rate of interest of 7%.What is the single equivalent payment 150 days from today?
A)$2297.18
B)$2297.81
C)$2279.18
D)$2279.81
E)$3737.45

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Q 94Q 94

You owe $3572.75 in 147 days and have decided to pay off your loan early.Your interest rate is 6.52%.What is the size of the cheque that you write today to pay off all of your debt?
A)$4381.33
B)$3481.33
C)$3581.33
D)$3381.33
E)$3814.33

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Q 95Q 95

You owed $700.00 35 days ago,and you missed the payment.You also owe an additional $600 in 5 months.What single equivalent value is due if your focal date is today and you are paying at an interest rate of 8.46% on your debt?
A)$1403.83
B)$1304.83
C)$1204.83
D)$1503.83
E)$1285.25

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Q 96Q 96

What amount of interest will be charged on $20 000 in 1 month for a simple interest of 5.99%?
A)$1198
B)$119.80
C)$99.83
D)$9.98
E)$0

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Q 97Q 97

If a 6 month term deposit at a bank pays a simple interest of 3%,how much will have to be deposited to earn $18 000?
A)$600 000
B)$120 000
C)$1 200 000
D)$270
E)$540

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Q 98Q 98

John buys a car for $20 000 on Kia finance with a simple interest of 5.99%.After one month he pays off the Kia finance using his secured line of credit which charges him 4% simple interest.He pays off the line of credit in 11 months.How much did he pay in total?
A)$20 737
B)$20 837
C)$20 733
D)$20 800
E)$21 198

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Q 99Q 99

Interest of $429.48 was charged on a loan of $9500 over a period of 7 months.What simple rate of interest was charged on the loan?
A)4.52%
B)2.64%
C)7.75%
D)3.48%
E)4.38%

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Q 100Q 100

The interest earned on a $6000 investment was $240.What was the term in months if the interest rate was 6%?
A)4 months
B)7 months
C)8 months
D)9 months
E)12 months

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Q 101Q 101

The simple interest rate being charged on a $10 000 is 0.5% per month.What is the total amount paid,if the entire loan is paid in 9 months?

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Q 102Q 102

Principal of $259 000 on a house is mortgaged at a rate of 3.7% amortized over a period of 25 years resulting into a total interest of $137 178.49.The bank also offers simple interest for the customers,who do not want to pay compound interest.If bank wishes to earn the same amount of interest over the period of 25 years,what rate will the bank charge to its customers,if the loan is paid in equal annual installments?

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Q 103Q 103

Didzo took a loan of $14 600 on January 10,2013 at a rate of 9.25%.He repaid the loan on June 4,2013.What is the interest due on repayment date?
A)$529.10
B)$532.80
C)$536.50
D)$540.20
E)$543.90

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Q 104Q 104

What amount of money would have to be invested at 3.75% to grow to $10 000 after 91 days?
A)$10 375
B)$2586
C)$9639
D)$9907
E)$10 000

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Q 105Q 105

Sally put $9500 in term deposit on May 22.It matured on September 4 at $9588.82.What interest rate did she earn on the term deposit?

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Q 106Q 106

Dion is supposed to pay Kristy $3500 on April 20,but delays the payment until July 1.What amount should Dion expect to pay on July 1,if Kristy can earn 8.25% on a low-risk investment?
A)$3788.75
B)$3557.75
C)$3556.96
D)$3556.17
E)$3500

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Q 107Q 107

Leons advertises a bed room set for $1495 with nothing down,no payments and no interest for 6 months.What cash price should the store be willing to accept if,on a 6 month investment,Leons can earn a rate of 9%?
A)$1629.55
B)$1562.28
C)$1371.56
D)$1430.62
E)$1495

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Q 108Q 108

Misra purchases an airplane ticket to Calgary today on the airline's early bird sale for $559,instead of buying it for $599 four months from now.Had he not bought the ticket today,he would have invested the money in bonds yielding 9% return.What is his true savings?

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Q 109Q 109

A $10 000 loan advanced on February 15 at a 10% interest rate requires equal payments after 61 days,122 days and 183 days from the day of the loan.What should be the value of the equal payments?

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Q 110Q 110

What principal will have a future value of $640,at 12.1% in 6 months?
A)$600
B)$603.50
C)$678.72
D)$370.80
E)$800

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Q 111Q 111

Ed plans to receive $2000 interest in 200 days on his investment of $40 000.At what interest rate should he plan to invest?
A)9.1%
B)9.6%
C)34.7%
D)10%
E)20%

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Q 112Q 112

Hydro One plans to complete a modification with the project start date of March 12.The procurement activities begin on July 6 worth $3.5 million.Calculate the amount the project manager obtains on March 12 to pay for all the procurement,if money is worth 2.5% per year

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Q 113Q 113

Kennedy owed $925 to his friend a year ago and owed $600 to another friend 6 months ago.If he clears his debt today,what total payment is he expected to make,if the simple interest of 20% is applicable?
A)$1770
B)$1110
C)$660
D)$1525
E)$1800

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Q 114Q 114

Danny bought a camera from Future Shop for $385 at 3% p.a.rate and 4 equal quarterly payments.Determine the size of the quarterly payments if the agreed focal date is the date of the loan.
A)$98.05
B)$96.25
C)$99.14
D)$93.45
E)$128.33

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