interest math problems

# interest math problems - Simple interest 1 If you take out...

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Simple interest 1. If you take out a 45-day loan for \$8500 at a rate of 8.125% per year, where simple interest is used, how much interest will you owe at repayment? (Use a banker's year.) (a) \$39.20 (b) \$76.12 (c) \$86.33 (d) \$89.20 (e) \$84.65 2. If you take out a 45-day loan for \$8000 at a rate of 8.25% per year, where simple interest is used, how much interest will you owe at repayment? (Use a banker's year.) (a) \$39.20 (b) \$76.12 (c) \$82.50 (d) \$89.20 (e) \$84.65 3. If you take out a 90-day loan for \$15,200 at a rate of 9 3 4 % per year, where simple interest is used, how much interest will you owe when the loan comes due? (a) \$390.63 (b) \$385.27 (c) \$370.50 (d) \$385.21 (e) \$383.01 4. Mortgage payments are calculated using simple interest each month. If the mortgage balance at the beginning of the month is \$176,500 and the interest rate is 7% per year, what is the interest owed at the end of the month? (a) \$1221.25 (b) \$1119.78 (c) \$1765.00 (d) \$1235.50 (e) \$1029.58 5. If you take out a 150-day loan for \$12,500 at a rate of 7 1 2 % per year, where simple interest is used, how much interest will you owe when the loan comes due? (a) \$385.27 (b) \$377.60 (c) \$390.63 (d) \$385.21 (e) \$383.01

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interest is used, how much interest will you owe when you repay the loan? (a) \$151.21 (b) \$306.60 (c) \$140.63 (d) \$128.00 (e) \$187.50 7. If you take out a loan for \$6500 at a rate of 6 1 2 % per year, where simple interest is used, how much interest will you owe at the end of 150 days? (a) \$144.55 (b) \$154.63 (c) \$173.63 (d) \$152.63 (e) \$176.04 8. If you take out a 210-day loan for \$14,200 at a rate of 7.5% per year, where simple interest is used, how much interest will you owe when the loan comes due? (a) \$621.25 (b) \$532.50 (c) \$651.16 (d) \$615.21 (e) \$591.67 9. If you take out a 45-day loan for \$8500 at a rate of 8.125% per year, where simple interest is used, how much interest will you owe at repayment? (Use a banker's year.) (a) \$39.20 (b) \$76.12 (c) \$86.33 (d) \$89.20 (e) \$84.65 10. If you take out a 180-day loan for \$14,200 at a rate of 7.5% per year, where simple interest is used, how much interest will you owe when the loan comes due? (a) \$551.16
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interest math problems - Simple interest 1 If you take out...

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