Question 1

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

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Question 2

The cash balance in Amalia's account with her stockbroker earns interest on the daily balance at an annual rate of 4%. Accrued interest is credited to her account every six months-on June 30 and December 31. As a result of the purchase and sale of securities from time to time, the account's balance changed as follows:
  Investment date Amount invested Interest rate M
What interest was credited to Amalia's account on June 30? The brokerage firm includes interest for both January 1 and June 30 in the June 30 payment. Assume that February had 28 days.

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Question 3

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 4

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 5

Sam borrowed $1,250 on March 15 at an interest rate of 4.5%. Sam repaid the full amount plus the interest owed on September 1. How much did Sam repay?

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Question 6

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 7

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

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Question 8

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 9

How much interest will an investment of $5,075 earn in two years at an interest rate of 2.25%?

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Question 10

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 11

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 12

Calculate the missing values:

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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

Calculate the missing values:

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 ...

Question 15

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 16

Calculate the missing values:

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 ...

Question 17

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 18

Larissa earned $8.74 interest on $1,100 invested from January 11 to June 4. What annual rate of simple interest did she earn?

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Question 19

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 20

Dominion Contracting invested surplus funds in term deposits. All were chosen to mature on April 1 when the firm intends to purchase a new grader.
  What total amount will be available from the maturing term deposits on April 1 (of a leap year)?

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Quiz 6: Simple Interest

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

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

Sam borrowed $1,250 on March 15 at an interest rate of 4.5%. Sam repaid the full amount plus the interest owed on September 1. How much did Sam repay?

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?

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

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

How much interest will an investment of $5,075 earn in two years at an interest rate of 2.25%?

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?

Calculate the missing values:

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 values:

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

Larissa earned $8.74 interest on $1,100 invested from January 11 to June 4. What annual rate of simple interest did she earn?

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%?

Dominion Contracting invested surplus funds in term deposits. All were chosen to mature on April 1 when the firm intends to purchase a new grader. What total amount will be available from the maturing term deposits on April 1 (of a leap year)?