Answer Happy

Multiple Choice Identify the choice that best completes the statement or answers the question. 1. The amount of interest earned on $5000 invested at 4% simple interest for 4 years is a $800 c. $1600 b. $200 d. $5800 2. What amount will Aleesa need to repay at the end of 2 years on a loan of $8000 if interest is charged at 4% per year, simple interest? a. $640 c. $8640 b. $320 d. $8320 3. Sohail needs to take a 4-day loan of $750 000 for his small business. How much interest will he need to pay if interest is charged at 2.2% per year, simple interest? a. $90.41 c. $361.64 b. $542.47 d. $180.82 4. How long will Suban need to leave a $10 000 investment in the bank at 5% per year simple interest for it to grow to $15 000? a. 10 years c. 5 years b. 100 years d. 50 years 5. Shuaib has an investment of $3000 that grows to $4000 in 5 years. What was the annual rate of simple interest? a 5% % b. d. 9% c. نو | نما % 6. What was the principal of an investment earning 4% per year simple interest, if it is worth $9300 after 5 years? a $7000 c. $7750 b. $8775 d. $8942.31 7. An investment offers 0.5% interest per compounding period. If the annual interest rate is 6%, how many compounding periods per year are there? a. 12 c. 2 b. 6 d. 1 8. Jocelyn invests $400 in a plan that pays 4% annual interest, compounded semi-annually, for 5 years. The amount of the investment at the end of the 5 years is a. $486.66 c. $488.08 b. $487.60 d. $480.00 9. Minh invests $3500 in a plan that pays 4% annual interest, compounded quarterly, for 4 years. The amount of the investment at the end of the 4 years is a $4104.03 c. $4100.81 b. $3790.00 d. $4804.75