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    1ST QUIZ - Simple Interest

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    YANET MENGISTU
    Ben deposited $6,500 in an account paying 2.8% interest annually. After 12 years he will earn $3,240 in interest. Stephan took out a $30,000 loan at 8.5% interest annually. Over 20 years she will pay $90,000 altogether. Derek deposited $3,000 3 years ago and has earned $360 in interest so far. The interest rate on his account is 4%. Clint originally deposited $12,000 in an account paying 1.25% interest annually that he earned $1,155 in interest from over 5 years. Hector took out a $900 loan at 10.5% interest for 18 months

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    1ST QUIZ - Simple Interest

    Uploaded by

    YANET MENGISTU
    345 views4 pages
    Ben deposited $6,500 in an account paying 2.8% interest annually. After 12 years he will earn $3,240 in interest. Stephan took out a $30,000 loan at 8.5% interest annually. Over 20 years she will pay $90,000 altogether. Derek deposited $3,000 3 years ago and has earned $360 in interest so far. The interest rate on his account is 4%. Clint originally deposited $12,000 in an account paying 1.25% interest annually that he earned $1,155 in interest from over 5 years. Hector took out a $900 loan at 10.5% interest for 18 months

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    Ben deposited $6,500 in an account paying 2.8% interest annually. After 12 years he will earn $3,240 in interest. Stephan took out a $30,000 loan at 8.5% interest annually. Over 20 years she will pay $90,000 altogether. Derek deposited $3,000 3 years ago and has earned $360 in interest so far. The interest rate on his account is 4%. Clint originally deposited $12,000 in an account paying 1.25% interest annually that he earned $1,155 in interest from over 5 years. Hector took out a $900 loan at 10.5% interest for 18 months

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    345 views4 pages

    1ST QUIZ - Simple Interest

    Uploaded by

    YANET MENGISTU
    Ben deposited $6,500 in an account paying 2.8% interest annually. After 12 years he will earn $3,240 in interest. Stephan took out a $30,000 loan at 8.5% interest annually. Over 20 years she will pay $90,000 altogether. Derek deposited $3,000 3 years ago and has earned $360 in interest so far. The interest rate on his account is 4%. Clint originally deposited $12,000 in an account paying 1.25% interest annually that he earned $1,155 in interest from over 5 years. Hector took out a $900 loan at 10.5% interest for 18 months

    Copyright:

    © All Rights Reserved
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    A.

    Simple Interest

    1) Ben deposited $6,500 in a simple interest account that pays 2.8% interest
    annually. If Ben leaves the money in the account for 12 years, how much
    interest will he earn?

    2) Stephan took out a simple interest loan that charges 8.5% interest annually.
    If her original loan amount was for $30,000 and she is paying off the loan
    over 20 years, how much will she pay altogether?

    3) Derek deposited $3,000 in a simple interest account 3 years ago. He has


    earned $360 in interest so far. What is the interest rate for his account?

    4) Clint earned $1,155 in interest from his simple interest account over the last
    5 years. The account pays 1.25% interest annually. How much did Clint
    originally deposit in his account?
    5) Hector took out a small loan of $900 for 18 months. The simple interest
    rate on the loan was 10.5%. How much will he pay in interest on the loan?

    6) Todd takes out a student loan for $25,000. The annual simple interest rate
    on the loan is 7.75%. If Todd will be paying $38,750 in interest alone,
    how many years is he taking to pay off the loan?

    7) Susie opens a simple interest checking account. After 6 months, her


    account grew from $500 to $508.75. What is the interest rate on her
    account?

    8) Trevor deposits $1500 in a simple interest account that pays 4.3% interest
    annually. After 15 years, how much total money would be in the account?

    B. Shopping problems.

    9) Kevin buys a leather jacket listed for $190. He receives a 15% discount at
    the register. What is the new price of the leather jacket?
    10) After a 40% discount, the cost of a sofa is $471.00. What was the original
    cost of the sofa?

    11) Boscov purchases picnic benches from the manufacturer for $14.50 each.
    Boscov then uses a markup of 170% before selling them to the public.
    What is the cost of the picnic benches to the public?

    12) Avery purchases a set of golf clubs for $495. In addition to the purchase
    price, he must also pay 9% of the purchase price to cover shipping, taxes,
    and other fees. What is the final cost of the set of golf clubs?

    C. Other percent problems. (2 points each)

    13) Of the 800 people surveyed in a recent American Idol study, 78% of them
    said that the females are better than the males. How many people
    surveyed said that the females are better than the males?

    14) There were 64 basketball games during the NCAA tournament. 16 of


    those games were decided by 3 points or less. What percentage of games
    were decided by 3 points or less?
    Extra Credit: (2 points)

    You will be asked to calculate a final price of a purchase involving discounts,


    clearance items, and sales tax.

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