Multiple Choice Question 1-10 (wk3Qu)n

Multiple Choice Question 1-10 (wk3Qu)n

QUESTION 1

QUESTION 2

1. Find the interest paid on a loan of $3946 for 5 months at a simple interest rate of 12% per year. 

   $236.76

   $198.96

   $157.84

   $197.30

10 points  

QUESTION 3

1. How much interest will have to be paid on a loan of $10,138 for 7 months at a simple interest rate of 13.3% per year? 

   $786.54

   $793.15

   $674.18

   $898.90

10 points  

QUESTION 4

1. How much interest will have to be paid on a loan of $50,967 for 23 months at a simple interest rate of 10.6% per year?  

   $10,441.81

   $10,354.80

   $10,805.00

   $9904.59

10 points  

QUESTION 5

1. Find the interest paid on a loan of $5410 at 7% annual simple interest for 2.4 years. 

   $908.88

   $478.36

   $1287.58

   $871.01

10 points  

QUESTION 6

1. Find the interest paid on a loan of $69,750 at 9% annual simple interest for 2.7 years. 

   $16,321.50

   $8920.66

   $23,226.75

   $16,949.25

10 points  

QUESTION 7

1. Find the maturity value of a loan of $6787 after 4 months. The loan carries a simple interest rate of 14% per year. 

   $7106.39

   $7103.73

   $7024.55

   $7182.91

10 points  

QUESTION 8

1. Find the maturity value of a loan of $13,942 after 8 months. The loan carries a simple interest rate of 11.9% per year. 

   $15,048.07

   $14,909.81

   $15,186.32

   $15,057.36

10 points  

QUESTION 9

1. Find the maturity value of a loan of $49,583 after 18 months. The loan carries a simple interest rate of 8.3% per year. 

   $56,099.03

   $55,807.96

   $55,413.13

   $55,756.08

10 points  

QUESTION 10

1. Find the total amount of money (maturity value) that the borrower will pay back on a loan of $3429 at 14% annual simple interest for 2.8 years. 

   $4725.16

   $4136.46

   $4773.17

   $5253.23