Reference no: EM133101614
I. Solve the following problems. Write your answers on your notebook. Show your solution.
1. A bank is offering 2.5% simple interest on a savings account. If you deposit $5000. How much interest will you earn in one year?
2. Joshua borrowed $1000 from his friend and paid him back $1050 in six months. What simple annual interest did Joshua pay his friend?
3. The Hemmings borrowed $3000 for home improvements. They repaid the loan and $600 in simple interest four years later. What simple annual interest rate did they pay?
4. Mr. Berry had $120,000 in a retirement account. The account paid 4.25% simple interest. How much money was in the acc0unt at the end of to years?
5. To buy a house. Torn borrowed $50,000 for 5 years at an annual simple interest rate of 8%. How much interest will he pay if he pays off the entire loan at the end of the ?fth year?
6. Rob borrowed $2,500 for IS months and repaid $2.950. What simple annual interest did he pay?
7. Mary invested $750 in a savings account for 2 years. The total interest earned on the investment was 5| 05. What was the interest rate on the account?
8. Rose invested $8,000 in a mutual fund at a yearly rate of 9%. How much would she have in the account after 5 years?
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Find interest rate on the account
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