Chapter 7: Simple Interest (Assume 360 Days In One Year)

7 Questions | Total Attempts: 297

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Chapter 7: Simple Interest (Assume 360 Days In One Year) - Quiz

This is a quiz to test students' knowledge of simple interest.


Questions and Answers
  • 1. 
    Suppose $4500 is invested for 60 days at an annual rate of 6%. How much interest will be earned? Include the $ in front of your answer.
  • 2. 
    Mr. McGowan borrowed $840 for 60 days at 9% interest. However, he was able to repay the loan in 30 days. How much interest was he able to save by doing this? Include the $ in front of your answer.
  • 3. 
    An automobile dealer borrowed $180 000 from the bank at 6.5% annual interest. How much will he be charged for 270 days? Include the $ in front of your answer.
  • 4. 
    Interest on a 120-day loan of $36000 is charged at an annual rate of 10%. How much interest is charged? Include the $ in front of your answer.
  • 5. 
    Suppose $1800 is invested for 90 days at an annual rate of 6.5%. How much interest will be earned? Include the $ in front of your answer.
  • 6. 
    What is 5 1/4 % as a fraction in lowest terms?
    • A. 

      21/400

    • B. 

      525/100

    • C. 

      525/10000

    • D. 

      5.25/100

    • E. 

      21/4

  • 7. 
    What is 8 months in years?
    • A. 

      .67 years

    • B. 

      .8 years

    • C. 

      8/11 years

    • D. 

      .75 years

    • E. 

      8/360 years

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