Solve: \[\begin{array} { | l | l | l | l | } \hline \text { Principal } & \text { Rate } & \begin{array} { l } \text { Time (in } \\ \text { years) } \end{array} & \begin{array} { l } \text { Simple } \\ \text { Interest } \end{array} \\ \hline \$ 5,000 & 5 \% & ? & \$ 800 \\ \hline \end{array}\]

The answer of Solve: \[\begin{array} { | l | l...

Solve: \[\begin{array} { | l | l | l | l | } \hline \text { Principal } & \text { Rate } & \text { Time } & \begin{array} { l } \text { Simple } \\ \text { Interest } \end{array} \\ \hline \$ 6,000 & ? & 6 \mathrm { mos } & \$ 330 \\ \hline \end{array}\]

The answer of Solve: \[\begin{array} { | l | l...

Find A and B in the table below. \[\begin{array} { | l | l | l | l | l | } \hline \text { Principal } & \text { Interest Rate } & \text { Time } & \begin{array} { l } \text { Simple } \\ \text { Interest } \end{array} & \begin{array} { l } \text { Total Amount } \\ \text { Owed } \end{array} \\ \hline \$ 16,000 & 8 \% & 3 \mathrm { mos } & \mathrm { A } & \mathrm { B } \\ \hline \end{array}\]

The answer of Find A and B in the table...

Exam 10: Simple Interest

Round all answers to the nearest cent. Woody's Café's real estate tax of $1,110.85 was due on November 1, 2017. Due to financial problems, Woody was unable to pay his café's real estate tax bill until January 15, 2018. The penalty for late payment is 8 1/4% ordinary interest. (A)What is the penalty Woody will have to pay and (B)what will Woody pay on January 15?

(Short Answer)

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Question 61

The time of a loan could be expressed in months, years, or days.

(True/False)

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Question 62

Match the following terms with their definitions. -Simple interest formula

(Multiple Choice)

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Question 63

The amount a bank charges for the use of money is called interest.

(True/False)

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Question 64

Solve: Principal Rate Time (in years) Simple Interest \ 5,000 5\% ? \ 800

(Short Answer)

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Question 65

Rate is equal to interest divided by the principal times time.

(True/False)

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Question 66

In the U.S. Rule, the partial payment first covers the interest and the remainder reduces the principal.

(True/False)

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Question 67

Interest on $5,255 at 12% for 30 days (use ordinary interest)is:

(Multiple Choice)

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Question 68

Jane Smith took out a loan for $40,000 to pay for her child's education. The loan would be repaid at the end of eight years in one payment with interest of 12%. What is the total amount Jane has to pay back at the end of the loan?

(Short Answer)

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Question 69

Which of the following is not true of the U.S. Rule?

(Multiple Choice)

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Question 70

Ordinary interest is required by all banks.

(True/False)

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Question 71

Simple Interest = principal × rate.

(True/False)

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Question 72

Solve: Principal Rate Time Simple Interest \ 6,000 ? 6 \ 330

(Short Answer)

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Question 73

Given: an 11% 120-day $9,000 note. Find the adjusted balance (principal)using the U.S. Rule (360 days)after the first payment on the 65th day of $1,000.

(Short Answer)

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Question 74

Jill Ley took out a loan for $60,000 to pay for her child's education. The loan would be repaid at the end of eight years in one payment with interest of 6%. The total amount Jill has to pay back at the end of the loan is:

(Multiple Choice)

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Question 75

Find A and B in the table below. Principal Interest Rate Time Simple Interest Total Amount Owed \ 25,000 10\% 2 yrs A B

(Short Answer)

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Question 76

Sandra Gloy borrowed $5,000 on a 120-day 5% note. Sandra paid $500 toward the note on day 40. On day 90 she paid an additional $500. Using the U.S. Rule, her adjusted balance after the first payment is:

(Multiple Choice)

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Question 77

Round all answers to the nearest cent. Angel Hall borrowed $82,000 for her granddaughter's college education. She must repay the loan at the end of nine years with 9¼% interest. What is the maturity value Angel must repay?

(Short Answer)

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Question 78

Find A and B in the table below. Principal Interest Rate Time Simple Interest Total Amount Owed \ 16,000 8\% 3

(Short Answer)

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Question 79

Banks and other financial institutions sometimes calculate simple interest based on:

(Multiple Choice)

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Question 80

Exam 10: Simple Interest

The time of a loan could be expressed in months, years, or days.

Match the following terms with their definitions. -Simple interest formula

The amount a bank charges for the use of money is called interest.

Solve: Principal Rate Time (in years) Simple Interest \ 5,000 5\% ? \ 800

Rate is equal to interest divided by the principal times time.

In the U.S. Rule, the partial payment first covers the interest and the remainder reduces the principal.

Interest on $5,255 at 12% for 30 days (use ordinary interest)is:

Jane Smith took out a loan for $40,000 to pay for her child's education. The loan would be repaid at the end of eight years in one payment with interest of 12%. What is the total amount Jane has to pay back at the end of the loan?

Which of the following is not true of the U.S. Rule?

Ordinary interest is required by all banks.

Simple Interest = principal × rate.

Solve: Principal Rate Time Simple Interest \ 6,000 ? 6 \ 330

Given: an 11% 120-day $9,000 note. Find the adjusted balance (principal)using the U.S. Rule (360 days)after the first payment on the 65th day of $1,000.

Jill Ley took out a loan for $60,000 to pay for her child's education. The loan would be repaid at the end of eight years in one payment with interest of 6%. The total amount Jill has to pay back at the end of the loan is:

Find A and B in the table below. Principal Interest Rate Time Simple Interest Total Amount Owed \ 25,000 10\% 2 yrs A B

Sandra Gloy borrowed $5,000 on a 120-day 5% note. Sandra paid $500 toward the note on day 40. On day 90 she paid an additional $500. Using the U.S. Rule, her adjusted balance after the first payment is:

Round all answers to the nearest cent. Angel Hall borrowed $82,000 for her granddaughter's college education. She must repay the loan at the end of nine years with 9¼% interest. What is the maturity value Angel must repay?

Find A and B in the table below. Principal Interest Rate Time Simple Interest Total Amount Owed \ 16,000 8\% 3

Banks and other financial institutions sometimes calculate simple interest based on:

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