Simple Interest Quiz Practice

Luis takes out a loan for $5,000. He is given an interest rate of 5.25% and he is to pay it back within 225 days, ordinary time. What is the interest Doug has to pay?

• $1,640.63

• $5,164.06

• $164.06

• $6,704.69

Karen takes out a loan for $5,750. She is given an interest rate of 8.25% and she has to pay it back in 72 months. What is the maturity value of her loan?

• $2,846.25

• $8,596.25

• $34,155.00

• $39,905.00

A bank is offering 3.25% simple interest on a savings account. If you deposit $5,000, how much interest will you earn in 1 year?

• $21,250.00

• $16,250.00

• $162.50

• 5,162.50

To buy a car, Carmela borrowed $25,750 for 6 years at an annual simple interest rate of 5.25%. What is the total amount she will repay?

• $8,111.25

• $33,861.25

• $17,638.75

• $81,112.50

Maria takes out a loan for $2,500. She is given an interest rate of 6.5%. She must pay it back in 30 months. What is the amount of interest Mary has to pay?

• $48,750

• $4,687.50

• $406.25

• $2,906.25

Michael took out a small loan of $1,000 for 15 months. The interest rate on the loan was 3.5%. How much will he pay in total?

• $525.00

• $43.75

• 1,043.75

• 1,525.00

Tammy deposits $3,500 into a savings account that pays 2.25% interest. After 60 months, how much money would be in her account?

• $393.75

• $4,725.00

• $7,725.00

• $3,893.75

Debbie takes out a loan for $10,000. She is given an interest rate of 4% and she has to pay it back within 180, ordinary time. What is amount of interest Debbie will need to pay?

• $10,200.00

• $82,000.00

• $72,000.00

• $200.00

Nicholas took out a loan for $3,500. He was given an interest rate of 0.5% and he has to pay it back within 73 days, exact time. What is the amount of interest Nicholas will pay?

• $3.50

• $3,503.50

• $350.00

• $3,350.00

Alejandra's parents deposited $1000 into a savings account as a college fund when she was born. How much will she have in this account after 18 years at a yearly simple interest rate of 3.25%?

• $58,500.00

• $1,585.00

• $585.00

• $48.75