 # 1. How much interest would be paid on a loan of \$5500 at 4.5% for 7...

## Question

1. How much interest would be paid on a loan of \$5500 at 4.5% for 7 months? Round your answer to the nearest cent.

2. What principal would you need to invest at a rate of 7.5% to earn \$800 in 4 months? Round your answer to the nearest cent.

3. What is the simple interest paid on \$1450 at 4.5% for one year? Round your answer to the nearest cent.

4. How much simple interest would be paid on a loan of \$5370 at 12.7% for 7 months? Round your answer to the nearest cent. Note: 360 days in a year and 30 days in a month.

5. How much simple interest would be paid on a loan of \$5370 at 12.7% for 7 months? Round your answer to the nearest cent. Note: 360 days in a year and 30 days in a month.

6. What is the simple interest paid on \$650 at 5.5% for 5 years? Round your answer to the nearest cent.

7. What is the simple interest paid on \$950 at 5.5% for 3 years? Round your answer to the nearest cent.

8. What is the simple interest paid on \$2300 at 4% for one year? Round your answer to the nearest cent.

9. How much interest would be paid on a loan of \$3100 at 3.5% for 3 months? Round your answer to the nearest cent.

10. April wants to borrow \$360 from her father and is willing to pay \$12 in interest. Her father wants to charge an interest rate of 5%. How long can April keep the money?

11. April wants to borrow \$400 from her father and is willing to pay \$11 in interest. Her father wants to charge an interest rate of 3%. How long can April keep the money?

## Solution Preview

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1. Assuming the interest rate is an ANNUAL interest rate and we are talking about SIMPLE INTEREST, the answer would be \$144.38
2. \$32000 (again, assuming simple interest and an annual interest rate)...

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