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  3. Contemporary Business Mathematics with Canadian Applications Study Set 2
  4. Quiz 7: Simple Interest

What Amount of Interest Will Be Charged on $20 000

Question 96
Multiple Choice

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

Related questions
Q 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
Q 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
Q 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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