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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?
4-year loan with a 5.2% annual simple interest rate
$3637.50
$1.32
An 18-MONTH loan with a 4.75% annual simple interest rate
7.5%
$2693.12
$2,835.56
$330
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?
4-year loan with a 5.2% annual simple interest rate
$3637.50
$1.32
An 18-MONTH loan with a 4.75% annual simple interest rate
7.5%
$2693.12
$2,835.56
$330
Paul deposits $1,750 into each of two savings accounts. Account I earns 2.75% annual simple interest and Account II earns 2.75% interest compounded annually. Which amount is closest to the difference between the interest Paul will earn in 2 years?
4-year loan with a 5.2% annual simple interest rate
$3637.50
$1.32
An 18-MONTH loan with a 4.75% annual simple interest rate
7.5%
$2693.12
$2,835.56
$330
A customer will borrow $12,000 to buy a car. Which loan option would allow the customer to pay the least amount of interest?
4-year loan with a 5.2% annual simple interest rate
$3637.50
$1.32
An 18-MONTH loan with a 4.75% annual simple interest rate
7.5%
$2693.12
$2,835.56
$330
Henry took out a 4-year loan for $5,000 and paid 4.2% annual simple interest. Ingrid took out a 6-year loan for $5,000 and paid 3.9% annual simple interest. What is the difference between the amounts of interest Henry and Ingrid paid for their loans?
4-year loan with a 5.2% annual simple interest rate
$3637.50
$1.32
An 18-MONTH loan with a 4.75% annual simple interest rate
7.5%
$2693.12
$2,835.56
$330
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?
4-year loan with a 5.2% annual simple interest rate
$3637.50
$1.32
An 18-MONTH loan with a 4.75% annual simple interest rate
7.5%
$2693.12
$2,835.56
$330
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?
4-year loan with a 5.2% annual simple interest rate
$3637.50
$1.32
An 18-MONTH loan with a 4.75% annual simple interest rate
7.5%
$2693.12
$2,835.56
$330
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?
4-year loan with a 5.2% annual simple interest rate
$3637.50
$1.32
An 18-MONTH loan with a 4.75% annual simple interest rate
7.5%
$2693.12
$2,835.56
$330
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