Calculating interest usually involves money!
Business Math 02 - Calculating Interest Per Year - Continued Practice
This Math quiz is called 'Business Math 02 - Calculating Interest Per Year - Continued Practice' and it has been written by teachers to help you if you are studying the subject at middle school. Playing educational quizzes is a fabulous way to learn if you are in the 6th, 7th or 8th grade - aged 11 to 14.
It costs only $12.50 per month to play this quiz and over 3,500 others that help you with your school work. You can subscribe on the page at Join Us
Calculation of interest is all around us: savings accounts, car loans, mortgages, credit cards, student loans... Because interest will always be with you, it is important for you to really grasp how it will play a part in your everyday life. In the Business Math quiz entitled “Calculating Interest Per Year”, you revisited the basic steps of how to calculate simple yearly interest. This quiz will continue that practice exercise. By now, you should be able to calculate these pretty quickly but don’t go too fast. Remember to find the right answer you will need to follow the simple formula:
I = PRT (interest equals principal, interest rate and time)
We will dispense with doing a practice problem here. If you feel you are not ready to take this quiz just yet, go back to the earlier quiz “Calculating Interest Per Year”. There you will find a practice problem as it is worked through to help you use the above formula and find the answer.
Review each of the following ten questions and then see if you can determine how much interest will be paid out by the end of the time period mentioned.
$2,950,000.00 at 4.05% for 28 years.
I = PRT
2,950,000 x 0.0405 x 28
2,950,000 x 0.0405 = 119,475
119,475 x 28 = 3,345,300
I = $3,345,300.00
Answer (d) is the correct answer
$34,900,500.00 at 2.97% for 30 years.
I = PRT
34,900,500 x 0.0297 x 30
34,900,500 x 0.0297 = 1,036,544.80
1,036,544.80 x 30 = 31,096,344
I = $31,096,344.00
Answer (d) is the correct answer
$39,333.33 at 6.23% for 17 years.
I = PRT
39,333.33 x 0.0623 x 17
39,333.33 x 0.0623 = 2,450.47
2,450.47 x 17 = 41,657.99
I = $41,657.99
Answer (b) is the correct answer
$216.49 at 12.5% for 3 years.
I = PRT
216.49 x 0.125 x 3
216.49 x 0.125 = 27.06
27.06 x 3 = 81.18
I = $81.18
Answer (d) is the correct answer
$2,450.19 at 2.37% for 7 years.
I = PRT
2,450.19 x 0.0237 x 7
2,450.19 x 0.0237 = 58.07
58.07 x 7 = 406.49
I = $406.49
Answer (b) is the correct answer
$900.00 at 3.85% for 10 years.
I = PRT
900 x 0.0385 x 10
900 x 0.0385 = 34.65
34.65 x 10 = 346.50
I = $346.50
Answer (c) is the correct answer
$12,250.00 at 5.465% for 5 years.
I = PRT
12,250 x 0.05465 x 5
12,250 x 0.05465 = 669.46
669.46 x 5 = 3,347.30
I = $3,347.30
Answer (b) is the correct answer
$10.00 at 26% for 2 years.
I = PRT
10 x 0.26 x 2
10 x 0.26 = 2.60
2.60 x 2 = 5.20
I = $5.20
Answer (a) is the correct answer
$5,000.00 at 9% for 15 years.
I = PRT
5,000 x 0.09 x 15
5,000 x 0.09 = 450
450 x 15 = 6,750
I = $6,750.00
Answer (c) is the correct answer
Ready for more?
not all...
quizzers. Try to win a coveted spot on our Hall of Fame Page.
Here To Help
Our Social Circles
© Copyright 2016-2024 - Education Quizzes
Work Innovate Ltd - Design | Development | Marketing
$3,21400 at 5.65% for 12 years.
I = PRT
3214 x 0.0565 x 12
3214 x 0.0565 = 181.59
181.59 x 12 = 2,179.09
I = $2,179.09
Answer (a) is the correct answer