Contemporary Business Mathematics with Canadian Applications Study Set 2
Quiz 7: Simple Interest
Interest of $429
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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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
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?
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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