Question 1

Calculate the missing value:

Accepted Answer

$272.57

Question 2

An invoice states that interest will be charged on overdue accounts at the rate of 1½% per month. What will be the interest charges on a $3,760 billing that is 3 months overdue?

Accepted Answer

$169.20

Question 3

What will be the maturity value after seven months of $2950 earning interest at the rate of 4.5%?

Accepted Answer

$3,027.44

Question 4

$12,800 was invested in a 237 day term deposit earning 3.75%. What was its maturity value?

Accepted Answer

The answer of $12,800 was invested in a 237 day...

Question 5

A five-month term deposit of $10,000 at the Scotiabank earned $75 in interest. What annual rate of simple interest did the deposit earn?

Accepted Answer

The answer of A five-month term deposit of $10,000 at...

Question 6

The maturity value of an investment earning 7.7% per annum for a 360 day term was $2291.01. What amount was originally invested?

Accepted Answer

The answer of The maturity value of an investment earning...

Question 7

After a term of 23 days, a loan at 10.5% has a maturity value of $785.16. What was the principal value of the loan?

Accepted Answer

The answer of After a term of 23 days, a...

Question 8

Calculate the missing value:

Accepted Answer

The answer of Calculate the missing value: ...

Question 9

Joyce had $2,149 in her daily interest savings account for the entire month of June. Her account was credited with interest of $2.65 on June 30 (for the exact number of days in June). What annual rate of simple interest did her balance earn?

Accepted Answer

The answer of Joyce had $2,149 in her daily interest...

Question 10

Maia's chequing account was $329 overdrawn beginning on September 24. On October 9 she made a deposit that restored a credit balance. If she was charged overdraft interest of $2.50, what annual rate of simple interest was charged?

Accepted Answer

The answer of Maia's chequing account was $329 overdrawn beginning...

Question 11

Calculate the missing value:

Accepted Answer

The answer of Calculate the missing value: ...

Question 12

Raimo borrowed $750 from Chris on October 30 and agreed to repay the debt with simple interest at the rate of 4.3% on May 10. How much interest was owed on May 10? Assume that February has 28 days.

Accepted Answer

The answer of Raimo borrowed $750 from Chris on October...

Question 13

A $7760 investment earning 6.25% matured at $8083.33. What was the term (in months) of the investment?

Accepted Answer

The answer of A $7760 investment earning 6.25% matured at...

Question 14

Calculate the missing value:

Accepted Answer

The answer of Calculate the missing value: ...

Question 15

On June 26 Laura put $2,750 into a term deposit until September 3, when she needs the money for tuition, books, and other expenses to return to college. For term deposits in the 60-89-day range, her credit union pays an interest rate of 4.25%. How much interest will she earn on the term deposit?

Accepted Answer

The answer of On June 26 Laura put $2,750 into...

Question 16

How much must be placed in a 5-month term deposit earning 4.3%, simple interest, in order to earn $500 interest?

Accepted Answer

The answer of How much must be placed in a...

Question 17

Calculate the missing value:

Accepted Answer

The answer of Calculate the missing value: ...

Question 18

How much interest will be earned on $5,000 in 5 months if the annual simple interest rate is 1.5%?

Accepted Answer

The answer of How much interest will be earned on...

Question 19

The interest owed on a loan after 5 months was $292.50. If the simple interest rate charged on the loan was 0.9% per month, what was the amount borrowed?

Accepted Answer

The answer of The interest owed on a loan after...

Question 20

On June 26, 2013, $1000 was borrowed at an interest rate of 10.75%. On what date was the loan repaid if the amount of accrued interest was $63.91?

Accepted Answer

The answer of On June 26, 2013, $1000 was borrowed...

Quiz 6: Simple Interest

Calculate the missing value:

An invoice states that interest will be charged on overdue accounts at the rate of 1½% per month. What will be the interest charges on a $3,760 billing that is 3 months overdue?

What will be the maturity value after seven months of $2950 earning interest at the rate of 4.5%?

$12,800 was invested in a 237 day term deposit earning 3.75%. What was its maturity value?

A five-month term deposit of $10,000 at the Scotiabank earned $75 in interest. What annual rate of simple interest did the deposit earn?

The maturity value of an investment earning 7.7% per annum for a 360 day term was $2291.01. What amount was originally invested?

After a term of 23 days, a loan at 10.5% has a maturity value of $785.16. What was the principal value of the loan?

Calculate the missing value:

Joyce had $2,149 in her daily interest savings account for the entire month of June. Her account was credited with interest of $2.65 on June 30 (for the exact number of days in June). What annual rate of simple interest did her balance earn?

Maia's chequing account was $329 overdrawn beginning on September 24. On October 9 she made a deposit that restored a credit balance. If she was charged overdraft interest of $2.50, what annual rate of simple interest was charged?

Calculate the missing value:

Raimo borrowed $750 from Chris on October 30 and agreed to repay the debt with simple interest at the rate of 4.3% on May 10. How much interest was owed on May 10? Assume that February has 28 days.

A $7760 investment earning 6.25% matured at $8083.33. What was the term (in months) of the investment?

Calculate the missing value:

On June 26 Laura put $2,750 into a term deposit until September 3, when she needs the money for tuition, books, and other expenses to return to college. For term deposits in the 60-89-day range, her credit union pays an interest rate of 4.25%. How much interest will she earn on the term deposit?

How much must be placed in a 5-month term deposit earning 4.3%, simple interest, in order to earn $500 interest?

Calculate the missing value:

How much interest will be earned on $5,000 in 5 months if the annual simple interest rate is 1.5%?

The interest owed on a loan after 5 months was $292.50. If the simple interest rate charged on the loan was 0.9% per month, what was the amount borrowed?

On June 26, 2013, $1000 was borrowed at an interest rate of 10.75%. On what date was the loan repaid if the amount of accrued interest was $63.91?