Math: Middle School: Grades 6, 7 and 8 Quiz - Business Math 02 - Calculating Interest Per Year - Continued Practice (Questions)

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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:

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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.

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1. $3,214.00 at 5.65% for 12 years.
[ ] $2,179.09
[ ] $21,790.90
[ ] $1,297.09
[ ] $1,297.90
2. $900.00 at 3.85% for 10 years.
[ ] $365.40
[ ] $356.40
[ ] $346.50
[ ] $364.60
3. $2,950,000.00 at 4.05% for 28 years.
[ ] $345,350.00
[ ] $3,435,300.00
[ ] $334,530.00
[ ] $3,345,300.00
4. $39,333.33 at 6.23% for 17 years.
[ ] $14,657.99
[ ] $41,657.99
[ ] $16,457.99
[ ] $46,157.99
5. $5,000.00 at 9% for 15 years.
[ ] $7,650.00
[ ] $67,500.00
[ ] $6,750.00
[ ] $76,500.00
6. $2,450.19 at 2.37% for 7 years.
[ ] $460.49
[ ] $406.49
[ ] $640.49
[ ] $46.49
7. $216.49 at 12.5% for 3 years.
[ ] $81.61
[ ] $81.81
[ ] $81.11
[ ] $81.18
8. $10.00 at 26% for 2 years.
[ ] $5.20
[ ] $15.20
[ ] $52.00
[ ] $2.50
9. $12,250.00 at 5.465% for 5 years.
[ ] $33,473.00
[ ] $3,347.30
[ ] $334.73
[ ] $34,373.00
10. $34,900,500.00 at 2.97% for 30 years.
[ ] $310,963,440.00
[ ] $310,963.44
[ ] $3,109,634.40
[ ] $31,096,344.00
Math: Middle School: Grades 6, 7 and 8 Quiz - Business Math 02 - Calculating Interest Per Year - Continued Practice (Answers)
1. $3,214.00 at 5.65% for 12 years.
[x] $2,179.09
[ ] $21,790.90
[ ] $1,297.09
[ ] $1,297.90
Working the problem:
$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
2. $900.00 at 3.85% for 10 years.
[ ] $365.40
[ ] $356.40
[x] $346.50
[ ] $364.60
Working the problem:
$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
3. $2,950,000.00 at 4.05% for 28 years.
[ ] $345,350.00
[ ] $3,435,300.00
[ ] $334,530.00
[x] $3,345,300.00
Working the problem:
$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
4. $39,333.33 at 6.23% for 17 years.
[ ] $14,657.99
[x] $41,657.99
[ ] $16,457.99
[ ] $46,157.99
Working the problem:
$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
5. $5,000.00 at 9% for 15 years.
[ ] $7,650.00
[ ] $67,500.00
[x] $6,750.00
[ ] $76,500.00
Working the problem:
$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
6. $2,450.19 at 2.37% for 7 years.
[ ] $460.49
[x] $406.49
[ ] $640.49
[ ] $46.49
Working the problem:
$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
7. $216.49 at 12.5% for 3 years.
[ ] $81.61
[ ] $81.81
[ ] $81.11
[x] $81.18
Working the problem:
$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
8. $10.00 at 26% for 2 years.
[x] $5.20
[ ] $15.20
[ ] $52.00
[ ] $2.50
Working the problem:
$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
9. $12,250.00 at 5.465% for 5 years.
[ ] $33,473.00
[x] $3,347.30
[ ] $334.73
[ ] $34,373.00
Working the problem:
$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. $34,900,500.00 at 2.97% for 30 years.
[ ] $310,963,440.00
[ ] $310,963.44
[ ] $3,109,634.40
[x] $31,096,344.00
Working the problem:
$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