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A students' parents invested $5,000 in a college savings account that pays 4.85% annual simple interest. Which amount is closest to the interest earned on the account at the end of 15 years?
$3637.50
$1,400
$2693.12
7.5%
An 18-MONTH loan with a 4.75% annual simple interest rate
$2,835.56
4-year loan with a 5.2% annual simple interest rate
$5,612.16
An employee put $5,000 in a retirement account that offers 9% interest compounded annually. Which amount is closest to the interest the employee will have earned at the end of 5 years?
$3637.50
$1,400
$2693.12
7.5%
An 18-MONTH loan with a 4.75% annual simple interest rate
$2,835.56
4-year loan with a 5.2% annual simple interest rate
$5,612.16
Mr. Wilkins deposited $2,500 in a new account at his bank. The bank pays 6.5% interest compounded annually on this account. Which amount is closest to the balance of the account at the end of 2 years?
$3637.50
$1,400
$2693.12
7.5%
An 18-MONTH loan with a 4.75% annual simple interest rate
$2,835.56
4-year loan with a 5.2% annual simple interest rate
$5,612.16
May deposits $2,500 into each of two savings accounts. Account I earns 4% annual simple interest and Account II earns 4% interest compounded annually. What is the sum of balances of Account I and Account II at the end of 3 years?
$3637.50
$1,400
$2693.12
7.5%
An 18-MONTH loan with a 4.75% annual simple interest rate
$2,835.56
4-year loan with a 5.2% annual simple interest rate
$5,612.16
Clarissa need a $2,500 loan in order to buy a car. Which loan option would allow her to pay the least amount of interest?
$3637.50
$1,400
$2693.12
7.5%
An 18-MONTH loan with a 4.75% annual simple interest rate
$2,835.56
4-year loan with a 5.2% annual simple interest rate
$5,612.16
Mr. Flores opened an account with a deposit of $5,000. The account earned annual simple interest and at the end of 4 years, the balance of the account was $6,500. What is the annual interest rate on this account?
$3637.50
$1,400
$2693.12
7.5%
An 18-MONTH loan with a 4.75% annual simple interest rate
$2,835.56
4-year loan with a 5.2% annual simple interest rate
$5,612.16
A customer will borrow $12,000 to buy a car. Which loan option would allow the customer to pay the least amount of interest?
$3637.50
$1,400
$2693.12
7.5%
An 18-MONTH loan with a 4.75% annual simple interest rate
$2,835.56
4-year loan with a 5.2% annual simple interest rate
$5,612.16
Holly is taking out a loan in the amount of $10,000. Her choices for the loan are a 4-year loan at 4% simple interest and a 6-year loan at 5% simple interest. What is the difference in the amount of interest Holly will have to pay for each loan?
$3637.50
$1,400
$2693.12
7.5%
An 18-MONTH loan with a 4.75% annual simple interest rate
$2,835.56
4-year loan with a 5.2% annual simple interest rate
$5,612.16
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