Solve the problem. Assume that simple interest is being calculated in each case. Round the answer to the nearest cent
unless otherwise indicated.
-Andy Jones opened a security service company. To pay for startup costs, Andy Jones borrowed $40,000 from a bank at 5% for 1 year. Find the interest.
A) $2000.00
B) $42,000.00
C) $2400.00
D) $200.00
Correct Answer:
Verified
Q5: Use the compound interest formula to compute
Q6: Use the compound interest formula to compute
Q7: $4000 at 4.07% for 28 months
A)$4558.40
B)$37,986.67
C)$379.87
D)$5.81
Q8: Solve the problem. Assume that simple interest
Q9: Solve the problem. Assume that simple interest
Q11: $1660 at 6% for 4 months
A)$398.40
B)$33.20
C)$24.90
D)$3320.00
Q12: $900 at 3% for 1 year
A)$27
B)$270
C)$3.00
D)$2.70
Q13:
Q14: $2950 at 4% for 1 years
A)$118.00
B)$11,800.00
C)$11.80
D)$737.50
Q15:
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