Interest Payment Quiz

Priya took a loan of $12,000 at an annual interest rate of 6% for 12 years to finance her education. What is her monthly payment?

• $120.00

• $133.14

• $111.22

• $135.76

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DOK Level 3: Strategic Thinking

Anika is planning to buy a car worth $7,000. She is considering a loan with a 4% annual interest rate over a period of 6 years. Calculate her monthly payment.

• $109.22

• $110.00

• $108.77

• $112.34

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DOK Level 3: Strategic Thinking

Oliver wants to pay off a $25,000 student loan in 7 years and the annual interest rate is 3.5%. What should be his monthly payment?

• $328.29

• $315.00

• $350.00

• $340.75

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DOK Level 3: Strategic Thinking

Luna took a personal loan of $9,000 to finance her education at an annual interest rate of 8% for 4 years. What is her monthly payment?

• $220.24

• $225.00

• $218.55

• $222.78

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DOK Level 3: Strategic Thinking

Emilio borrows $1200 from a bank with 8% simple interest per year to help fund Mia's startup. How much will he have to pay back total in 2 years? I = prt (You have to add the principal to the interest)

• $150

• $192

• $1350

• $1392

Benjamin invested $350 in a savings account offering an annual interest rate of 2.5%.

After 3 years, how much interest will Benjamin have earned on his investment?

Use the formula I = PRT where I is the interest, P is the principal amount, R is the rate of interest per year, and T is the time the money is invested for in years.

• $7.50

• $26.25

• $87.5

• $262.50

Harper invested $800 in a savings account at an interest rate of 3.5% per annum.

After 2 years, how much interest has Harper earned on her investment?

I = PRT

• 56

• 140

• 168

• 16.80

Rita has a loan of $45,580 for her new bakery business. This loan has a simple interest rate of 4% per year. What is the amount of interest that Rita will be charged on this loan at the end of one year?

• $47,403.20

• $11,395

• $18,232

• $1,823.20

Emilio borrows $1200 from a bank with 8% simple interest per year.  How much will he have to pay back total in 2 years?
**Formula Chart Simple Interest**

• $150
• $192
• $1350
• $1392

Ann puts $300 in a bank account earning 4% interest.  How much will she earn in interest in 1 year?

• 4
• 8
• 12
• 16