8.12AB

Two customers took out loans from a bank.

Henry took out a 4-year loan for $5000 and paid 4.2% simple interest.

Ingrid took out a 6-year loan for $5000 and paid 3.9% simple interest.

What is the difference in the amount of interest Henry and Ingrid paid on their loans?

• $417

• $150

• $60

• $330

Tags

CCSS.7.RP.A.3

Clarissa needs a $2500 loan to buy a car. Which loan option would allow her to pay the least amount of interest?

• An 18-month loan with 4.75% simple interest rate.

• A 30-month loan with 4.00% simple interest rate.

• A 24-month loan with 4.25% simple interest rate.

• A 36-month loan with 4.5% simple interest rate.

Tags

CCSS.7.RP.A.3

Holly is taking out a loan for $10,000. Her choices are a 4-year loan at 4% simple interest and a 6-year loan at 5% simple interest. What is the difference in the amount of interest Holly will pay for these two loans?

• $1,600

• $3,000

• $4,600

• $1,400

Tags

CCSS.7.RP.A.3

Holly is taking out a loan for $10,000. Her choices are a 4-year loan at 4% simple interest and a 6-year loan at 5% simple interest. What is the difference in the amount of interest Holly will pay for these two loans?

• $1,600

• $3,000

• $4,600

• $1,400

Tags

CCSS.7.RP.A.3

What is the total amount paid on this loan:

Principal: $5,000

Rate: 7%

Term: 4 years

• $5,000.00

• $6,400.00

• $1,400.00

Tags

CCSS.7.RP.A.3

Max took out a student loan for $1,250 at 1.7% for 3 years. How much was the total he paid on the loan?

• $1,313.75

• $1,250.00

• $63.75

Tags

CCSS.7.RP.A.3

Bob takes out a student loan for $18,500.00. He will pay 6% simple interest for 10 years. What is the total amount Bob will pay on the loan?

• $11,100

• $29,600

• $246.67

• $23,400

Tags

CCSS.7.RP.A.3

Rosanna needs a loan of $20,000 for a down payment for a home. The loan charges 2.9% simple interest. How much will it cost to repay the loan after 4 years?

• $2,320

• $22,320

• $23,200

• $43,200

Tags

CCSS.7.RP.A.3

Carlos needs to take out a loan for $8,350. His choices are a 5-year loan at 5.3% simple interest and a 7-year loan at 5.5% simple interest. What will be the difference in the amount of interest charged between the 2 loans?

• $1,002

• $10,020

• $102

• $4,520

Tags

CCSS.7.RP.A.3

Erica took out a $15,000 loan at 4.25% simple interest for 6 years. Don took out a $15,000 loan at 4% simple interest for 5 years. Which statement about the amount of interest paid is true?

• Erica paid $825 less interest than Don.

• Erica paid $825 more interest than Don.

• Erica paid $412.50 less interest than Don.

• Erica paid $412.50 more interest than Don.

Tags

CCSS.7.RP.A.3