Overview
Question 1
Bill borrowed $1,400. Eighteen months later, he paid back a total of $1,575. How much interest did Bill pay?
Group of answer choicesThe interest rate is required.
$175
8.4%
$78
Flag question: Question 2Question 2
Julie's parents loaned her $2,800. She promised to pay them back $4,140 in 4 years. Identify the principal.
Group of answer choices$4,140
$1,340
4
$2,800
Flag question: Question 3Question 3
Rewrite the following percent interest rate as a decimal: 2078%
Group of answer choices1.73958
0.20875
0.0174
2.0875
Flag question: Question 4Question 4
If you invest $8,684 at a simple interest rate of 312%, how much will your investment be worth after 4 years?
Group of answer choices$1,215.76
$8,987.94
$20,841.60
$9,899.76
Flag question: Question 5Question 5
When Pete was 18 years old, he borrowed $1,500 from his sister to buy his first car. One year later, Pete repaid her $1,620. How much interest did Pete pay, and what was the simple interest rate?
Group of answer choices$1,500; 2%
$120; 8%
$1,620; 8%
$120; 2%
Flag question: Question 6Question 6
Jackson received a quote for a 121-day term loan with a principal of $2,400 and a simple interest rate of 5.9%. The lender indicated that the total interest for the loan would be $46.94. What method did the lender use to calculate the interest?
Group of answer choicesTerm in Months
Simplified Exact Method (365 days/year)
Bankers' Rule (360 days/year)
More information is needed.
Flag question: Question 7Question 7
NewCorp provided its CEO with a 151-day term loan with a simple interest rate of 3.5%. The CEO paid $356.93 in interest, which was calculated using Bankers Rule. How much did the company loan their CEO?
Group of answer choices$24,313.11
More information is needed.
$24,474.90
$24,650.49
Flag question: Question 8Question 8
Alexa lent Peter $175. Six months later, Peter gave Alexa a total of $188.23 to pay off the loan. What rate of simple interest did Peter pay?
Group of answer choices$13.23
14.06%
15.12%
7.56%
Flag question: Question 9Question 9
Allison loaned Will $5,376 for 16 months. The simple interest rate for the loan was 458%. Determine the total amount of interest that Allison earned.
Group of answer choices$5,707.52
$248.64
$8,691.20
$331.52
Flag question: Question 10Question 10
Jill borrowed $12,201 from West State Credit Union for 190 days at a simple interest rate of 318%. Using the Simplified Exact Method, determine the total amount of interest that West State Credit Union will earn.
Group of answer choices$198.48
$12,399.48
$381.28
$14,185.75