Question 1

Calculate the missing values:

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Question 2

Calculate the missing values:

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Question 3

The interest earned on a $7,500 investment was $1181.25. What was the term in months if the rate of interest was 3.5%?

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Question 4

An investment earned $156.25 interest in 30 months. What was the simple annual rate of interest?

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Question 5

What will be the maturity value in 15 months of a $4,500 loan at a simple interest rate of 11.9%?

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Question 6

Calculate the missing value:

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Question 7

How much will have to be deposited to earn $600 interest over two years at an interest rate of 3%?

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Question 8

On what date did a corporation borrow $350,000 at 7.5% from its bank if the debt was settled by a payment of $356,041 on February 28?

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Question 9

Calculate the missing values:

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Question 10

Bruce borrowed $6,000 from Darryl on November 23. When Bruce repaid the loan, Darryl charged $203.22 interest. If the rate of simple interest on the loan was 10.75%, on what date did Bruce repay the loan? Assume that February has 28 days.

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Question 11

Judith received the proceeds from an inheritance on March 25. She wants to set aside enough on March 26 so that she will have $20,000 available on October 1 to purchase a car when the new models are introduced. If the current interest rate on 181- to 270-day term deposits is 3.75%, what amount should she place in the term deposit?

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Question 12

Calculate the missing value:

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Question 13

Village Finance Co. advanced three loans to Kamiko-$2,200 on June 23, $1,800 on August 5, and $1,300 on October 31. Simple interest at 7.25% was charged on all three loans, and all were repaid on December 31 when some bonds that she owned matured. What total amount was required to pay off the loans?

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Question 14

How many days will it take $2,500 to grow to $2,614.47 at an annual rate of 8.75%?

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Question 15

Calculate the missing value:

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Question 16

What will be the maturity value of $3,300 invested at an interest rate of 2.75% in 15 months?

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Question 17

Sharon's $9,000 term deposit matured on March 16, 2014. Based on a simple interest rate of 3.75%, she received $110.96 in interest. On what date did she originally make the term deposit?

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Question 18

Karen borrowed $2,000 at 10¼% on July 13. On what date would the amount owed first exceed $2,100?

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Question 19

Cecille placed $17,000 in a 270-day term deposit earning 4.25%. How much will the bank pay Cecille on the maturity date?

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Question 20

What amount of interest will be earned on $1,500 invested for 18 months at an interest rate of 4%?

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Quiz 6: Simple Interest

Calculate the missing values:

Calculate the missing values:

The interest earned on a $7,500 investment was $1181.25. What was the term in months if the rate of interest was 3.5%?

An investment earned $156.25 interest in 30 months. What was the simple annual rate of interest?

What will be the maturity value in 15 months of a $4,500 loan at a simple interest rate of 11.9%?

Calculate the missing value:

How much will have to be deposited to earn $600 interest over two years at an interest rate of 3%?

On what date did a corporation borrow $350,000 at 7.5% from its bank if the debt was settled by a payment of $356,041 on February 28?

Calculate the missing values:

Bruce borrowed $6,000 from Darryl on November 23. When Bruce repaid the loan, Darryl charged $203.22 interest. If the rate of simple interest on the loan was 10.75%, on what date did Bruce repay the loan? Assume that February has 28 days.

Calculate the missing value:

How many days will it take $2,500 to grow to $2,614.47 at an annual rate of 8.75%?

Calculate the missing value:

What will be the maturity value of $3,300 invested at an interest rate of 2.75% in 15 months?

Sharon's $9,000 term deposit matured on March 16, 2014. Based on a simple interest rate of 3.75%, she received $110.96 in interest. On what date did she originally make the term deposit?

Karen borrowed $2,000 at 10¼% on July 13. On what date would the amount owed first exceed $2,100?

Cecille placed $17,000 in a 270-day term deposit earning 4.25%. How much will the bank pay Cecille on the maturity date?

What amount of interest will be earned on $1,500 invested for 18 months at an interest rate of 4%?