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

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
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