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Jared borrowed $9 000. He repaid the loan in full at the end of three years with a lump sum of $10 350.
What annual simple interest rate was he charged?
`text(Total interest paid) = 10\ 350-9000 = $1350`
| `I` | `=Prn` |
| `1350` | `=9000 xx r xx 3` |
| `r` | `=1350/(27\ 000)` |
| `=5 text(%)` |
`=> C`
The transaction details for a savings account for the month of August 2014 are shown in the table below.
The table is incomplete.
Simple interest is calculated and paid monthly on the minimum balance for that month.
Calculate the annual simple interest rate paid on this account, correct to two decimal places. (4 marks)
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What is the minimum simple interest rate, correct to 1 decimal place, at which they can invest their money to reach their goal of $13 000? (3 marks)
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She did not make any monthly repayments and repaid the loan in full 2 years later with a lump sum of $4400.
Determine the annual simple interest rate that Carissa was charged. (2 marks)
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Steffi borrowed $8600 to buy a new car.
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Determine the annual simple interest rate that Steffi was charged. (2 marks)
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What was the annual simple interest rate Sid charged Albert?
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She did not make any monthly repayments but instead repaid the loan in full at the end of three years with a lump sum of $8800.
Calculate the annual simple interest rate was she charged? (2 marks)
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George makes a single deposit of $9000 into an account that pays simple interest.
After 4 years, George's account has a balance of $10 350.
What simple interest rate did George receive on his investment? (2 marks)
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Dante deposits $5000 into a savings account which earns simple interest.
No deposits or withdrawals are made from this account.
After 4 years, Dante notices there is $5600 in the account.
What is the annual rate of interest for the account? (2 marks)
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Mr. Soros put $500 into a simple interest account for a year.
He did not take any money out or add any money to the account.
At the end of the year he had $530 in the account.
What was the annual percentage interest rate? (2 marks)
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Polly borrowed $11 000. She repaid the loan in full at the end of two years with a lump sum of $12 000.
What annual simple interest rate was she charged?
