Answers DAEP - Math 7 A 20 DAY TERMFinding an Original Amount

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Li invests money in a savings account. She wants to know the amount of simple interest that she will earn in 6 years at 3.75 percent. What additional information does she need to find this amount?

principal

amount of time

interest rate

the type of account

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What is the simple interest that is missing from the table? Use the formula .I?p$5,630r4%t2 years

$450.00

$450.40

$45,000.40

$45,040.00

Mara found the length of time of an investment. The principal of the investment was $4,300, the interest rate was 6.2 percent, and the interest was $2,666. Mara made an error in her work.What was Mara’s error?

Mara did not substitute the values from the problem into the formula correctly.

Mara did not multiply correctly.

Mara did not divide correctly.

Mara divided when she should have multiplied.

Bobby borrowed $500 at 12 percent simple annual interest. He paid back $680 to pay off the loan. How many years did it take Bobby to pay back the loan?

Mrs. Sing invests $12,876 for her business at an annual interest rate of 7 percent for 3 years. Which number will Mrs. Sing substitute for r in the simple interest formula?

0.007

0.07

0.7

The following information is known about a loan.Time = 8 yearsInterest rate = 14%Principal = $1,010What is the total amount of simple interest that is earned?

$113.20

$1,131.20

$11,311.20

$113,112.00

Constance will put $500 in a savings account. Which option should she choose so that she will have the most money?

1 year at 12 percent

1 year at 9 percent

2 years at 7 percent

2 years at 5 percent

Lamar is considering two loans. Loan ALoan BPrincipal$4,500$4,300Interest rate5%6%Time in years33Which loan will have the lowest total payback?

Loan A will have the lowest total payback because the amount of interest paid is less than the amount of interest paid for loan B.

Loan A will have the lowest total payback because the total of the principal and the interest paid for loan A is less than the same total for loan B.

Loan B will have the lowest total payback because the interest is less than the interest for loan A.

Loan B will have the lowest total payback because the total of the principal and the interest paid for loan B is less than the same total for loan A.

Hanna puts $4,383 in a savings account with an annual interest rate of 5.2 percent for 3 years. Into which variable should she substitute 4,383 in the simple interest formula ?

LaShea would like to invest her $100 in birthday money. Which option will give her the most money at the end of the investment period?

1 year at 8 percent

1.5 years at 7 percent

2 years at 6.5 percent

3 years at 4 percent

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