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1 | |
Susan has a three-month term deposit. She received interest of $645.50 on her deposit of $48,700. What annual rate of simple interest did her deposit earn? |
| | A) | 1.33% |
| | B) | 5.3% |
| | C) | 3.97% |
| | D) | 5.32% |
| | E) | 15.91% |
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2 | |
Find the number of months required for $745 to earn $178.80 simple interest at 12% pa. |
| | A) | 24 months |
| | B) | 2 months |
| | C) | 6 months |
| | D) | 3 months |
| | E) | 12 months |
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3 | |
How long will it take a deposit of $1160 to earn $290 interest at a simple interest rate of 10% pa? |
| | A) | 14 months |
| | B) | 15 months |
| | C) | 16 months |
| | D) | 2.5 years |
| | E) | 2 years and 8 months |
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4 | |
What will be the amount of interest earned on an investment of $1660 at 6% pa simple interest for 15 months? |
| | A) | $132.80 |
| | B) | $962.80 |
| | C) | $721.74 |
| | D) | $954.50 |
| | E) | $124.50 |
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5 | |
Carole's deposit of $5300 from June 10th to September 1st earned her $53.30. What annual rate of simple interest did her deposit earn? |
| | A) | 4.53% |
| | B) | 4.37% |
| | C) | 4.36% |
| | D) | 4.42% |
| | E) | 4.48% |
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6 | |
A term deposit of $10,950 matured on September 10th. The interest rate earned was 4% pa and the amount of simple interest earned was $72. On what date was the term deposit originally made? |
| | A) | November 9 |
| | B) | November 8 |
| | C) | June 11 |
| | D) | July 13 |
| | E) | July 12 |
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7 | |
Mary wants to have at least $13,000 available to her on October 15. If her deposit will earn 4.25% simple interest pa, how much must she deposit on April 1? |
| | A) | $12,707.04 |
| | B) | $12,506.00 |
| | C) | $12,658.50 |
| | D) | $12,708.49 |
| | E) | $12,704.53 |
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8 | |
On what date did a corporation borrow $71,175 at 8% simple interest pa from its bank if the debt was settled by a payment of $72,111 on December 13, 1999? |
| | A) | October 14, 1999 |
| | B) | October 13, 1999 |
| | C) | October 15, 1999 |
| | D) | October 17, 1999 |
| | E) | None of the above |
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9 | |
What annual rate of simple interest is earned when a principal of $300 grows to $420 over a period of 16 months? |
| | A) | 2.14% |
| | B) | 3.00% |
| | C) | 21.43% |
| | D) | 30.00% |
| | E) | 40.00% |
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10 | |
A principal of $1770 is invested at 15.75% pa simple interest for a period of 50 days. What is the maturity value? |
| | A) | $2100.00 |
| | B) | $2600.00 |
| | C) | $1808.19 |
| | D) | $2306.24 |
| | E) | $1790.64 |
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11 | |
What amount on June 10 is equivalent to $1500 on October 24 of the same calendar year if money can earn 12% pa simple interest? |
| | A) | $1435.80 |
| | B) | $1436.25 |
| | C) | $1567.07 |
| | D) | $1568.00 |
| | E) | $1566.58 |
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12 | |
Six months ago, Fred borrowed $3500. He agreed to pay back this loan with interest at 6% pa nine months after he borrowed the money. Fred now wishes to settle the debt one month from now. What payment should he make if money can earn 4% pa simple interest? |
| | A) | $3633.28 |
| | B) | $3681.88 |
| | C) | $3833.33 |
| | D) | $3371.61 |
| | E) | $3349.28 |
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13 | |
Debt obligations of $700 due three months from now and $1000 due one year from now are to be settled by a single equivalent payment seven months from now. What is the size of the payment? Assume that money is worth 10% pa simple interest. |
| | A) | $1683.33 |
| | B) | $1700.00 |
| | C) | $1765.00 |
| | D) | $1723.33 |
| | E) | $1698.42 |
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14 | |
Payments of $3000 due 70 days ago and $1000 due in 30 days are to be replaced by $1500 now and the balance in 60 days. What must be the final new payment in order to make the new payments equivalent to the old payments? Assume money earns 10% pa simple interest. Use 60 days from now as the focal date. |
| | A) | $2615.07 |
| | B) | $2373.34 |
| | C) | $5639.73 |
| | D) | $3623.29 |
| | E) | $2590.41 |
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15 | |
A debt of $5000 due today is to be replaced by two equal payments due six months and ten months from today. What is the size of each payment if money can earn 12% pa. Place the focal date six months from now? |
| | A) | $2500.00 |
| | B) | $2650.00 |
| | C) | $2701.96 |
| | D) | $2598.04 |
| | E) | $2549.02 |
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2003 McGraw-Hill Higher Education