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

4 Questions | Total Attempts: 249

SettingsSettingsSettings
Please wait...
Chapter 7: Simple Interest (Assume 360 Days In One Year)

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.