Exam 17: Interest

A bank loans $69,350 to a contractor at a rate of 3% per year. What is the interest payment for the first year?

A builder develops a tract of 15 houses at a cost of $275,000 each. If the mortgage is placed on one half of the total cost of the 15 houses at 5 3/4% simple interest, what interest is paid in the first year?

Find the simple interest and amount on $800 at 16% after 3 years.

A carpenter deposits $626.90 in a savings bank. If the bank pays 2 1/4% simple interest per year, payable annually, what is the total amount in the account at the end of one year?

A family pays 5% simple interest on a $175,000 mortgage for the construction of a house. What is the yearly interest paid on the mortgage?

Principal is the amount of money invested or borrowed.

Rate of interest is the percent at which the interest is calculated.

A borrower pays $555.20 interest in the first year on a mortgage of $6,940. What is the rate of interest?

A contractor borrows $90,000 on a building loan at 3 1/2% annual interest. What does the loan money cost for 1 year?

The annual rate of interest on $19,000 is 6%. Find the interest after a period of 3 months.