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Find the simple interest when: Principal = \$710, Rate = 8%, Time = 3 years
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# Question : Find the simple interest when: Principal = \$710, Rate = 8%, Time = 3 years : 2151538

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

Solve.

1) Find the simple interest when: Principal = \$710, Rate = 8%, Time = 3 years

A) \$568.00

B) \$56.80

C) \$1704.00

D) \$170.40

2) Find the simple interest when: Principal = \$520, Rate = 6.5%, Time = 4 years

A) \$33.80

B) \$1352.00

C) \$338.00

D) \$135.20

3) Find the simple interest when: Principal = \$5400, Rate = 4%, Time = 3(1/4) years

A) \$7020.00

B) \$702.00

C) \$216.00

D) \$2160.00

4) Find the simple interest when: Principal = \$1392, Rate = 17%, Time = 21 months

A) \$236.64

B) \$4969.44

C) \$414.12

D) \$49,694.40

5) Aubrey borrows \$3800 and agrees to pay it back in 3 years. If the simple interest rate is 4%, find the total amount she pays back.

A) \$4560

B) \$456

C) \$4256

D) \$8360

6) A company borrows \$72,500 for 9 years at a simple interest of 11.5% to buy carpeting. Find the total amount paid on the loan.

A) \$750,375.00

B) \$80,003.75

C) \$75,037.50

D) \$147,537.50

7) \$109,000 is borrowed to buy a house. If the simple interest rate on the 20-year loan is 12.25%, find the total amount paid on the loan.

A) \$2,670,500.00

B) \$135,705.00

C) \$376,050.00

D) \$267,050.00

8) A money market fund advertises a simple interest rate of 7%. Find the total amount received on an investment of \$28,000 for 15 months.

A) \$57,400.00

B) \$2450.00

C) \$52,500.00

D) \$30,450.00

Find the total amount in the compound interest account.

9) \$3550 is compounded daily at a rate of 10% for 5 years. (The compound interest factor is 1.64861.)

A) \$5852.57

B) \$29,262.83

C) \$2926.28

D) \$585.26

10) \$2000 is compounded quarterly at a rate of 10% for 20 years. (The compound interest factor is 7.20957.)

A) \$14,419.14

B) \$5767.66

C) \$16,000.00

D) \$1441.91

11) \$7280 is compounded daily at a rate of 6% for 20 years. (The compound interest factor is 3.31979.)

A) \$29,001.69

B) \$24,168.07

C) \$16,016.00

D) \$483,361.42

Find the total amount of compound interest earned.

12) \$3870 is compounded daily at a rate of 5% for 15 years. (The compound interest factor is 2.11689.)

A) \$10,642.50

B) \$14,512.50

C) \$4322.36

D) \$8192.36

13) \$5000 is compounded annually at a rate of 16% for 10 years. (The compound interest factor is 4.41144.)

A) \$8000.00

B) \$3529.15

C) \$22,057.20

D) \$17,057.20

14) \$7350 is compounded semiannually at a rate of 8% for 5 years. (The compound interest factor is 1.48024.)

A) \$2940.00

B) \$10,879.76

C) \$3529.76

D) \$4351.91

Solve. Round to the nearest cent, if necessary.

15) A college student borrows \$1000 for 5 months to pay for a semester of school. If the interest is \$40, find the monthly payment.

A) \$200.00

B) \$208.00

C) \$104.00

D) \$8.00

16) Louis borrows \$2100 for 10 months. If the interest is \$126, find his monthly payment.

A) \$111.30

B) \$222.60

C) \$12.60

D) \$210.00

17) \$9600 is borrowed for 8 years. If the interest on the loan is \$3840, find the monthly payment.

A) \$140

B) \$1120

C) \$40

D) \$100

18) \$1300.00 is borrowed for 9 years. If the interest on the loan in \$1053.00, find the monthly payment.

A) \$12.04

B) \$21.79

C) \$196.08

D) \$9.75

## Solution 5 (1 Ratings )

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Mathematics 4 Months Ago 34 Views