Calculating interest usually involves money!
Business Math 02 - Calculating Interest Per Year - Continued Practice
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Calculation of interest is all around us: savings accounts, car loans, mortgages, credit cards, student loans... Because interest will always be with you, it is important for you to really grasp how it will play a part in your everyday life. In the Business Math quiz entitled “Calculating Interest Per Year”, you revisited the basic steps of how to calculate simple yearly interest. This quiz will continue that practice exercise. By now, you should be able to calculate these pretty quickly but don’t go too fast. Remember to find the right answer you will need to follow the simple formula:
$10.00 at 26% for 2 years.
I = PRT
10 x 0.26 x 2
10 x 0.26 = 2.60
2.60 x 2 = 5.20
I = $5.20
Answer (a) is the correct answer
$2,450.19 at 2.37% for 7 years.
I = PRT
2,450.19 x 0.0237 x 7
2,450.19 x 0.0237 = 58.07
58.07 x 7 = 406.49
I = $406.49
Answer (b) is the correct answer
$5,000.00 at 9% for 15 years.
I = PRT
5,000 x 0.09 x 15
5,000 x 0.09 = 450
450 x 15 = 6,750
I = $6,750.00
Answer (c) is the correct answer
$34,900,500.00 at 2.97% for 30 years.
I = PRT
34,900,500 x 0.0297 x 30
34,900,500 x 0.0297 = 1,036,544.80
1,036,544.80 x 30 = 31,096,344
I = $31,096,344.00
Answer (d) is the correct answer
$216.49 at 12.5% for 3 years.
I = PRT
216.49 x 0.125 x 3
216.49 x 0.125 = 27.06
27.06 x 3 = 81.18
I = $81.18
Answer (d) is the correct answer
$12,250.00 at 5.465% for 5 years.
I = PRT
12,250 x 0.05465 x 5
12,250 x 0.05465 = 669.46
669.46 x 5 = 3,347.30
I = $3,347.30
Answer (b) is the correct answer
$39,333.33 at 6.23% for 17 years.
I = PRT
39,333.33 x 0.0623 x 17
39,333.33 x 0.0623 = 2,450.47
2,450.47 x 17 = 41,657.99
I = $41,657.99
Answer (b) is the correct answer
$2,950,000.00 at 4.05% for 28 years.
I = PRT
2,950,000 x 0.0405 x 28
2,950,000 x 0.0405 = 119,475
119,475 x 28 = 3,345,300
I = $3,345,300.00
Answer (d) is the correct answer
$900.00 at 3.85% for 10 years.
I = PRT
900 x 0.0385 x 10
900 x 0.0385 = 34.65
34.65 x 10 = 346.50
I = $346.50
Answer (c) is the correct answer
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$3,21400 at 5.65% for 12 years.
I = PRT
3214 x 0.0565 x 12
3214 x 0.0565 = 181.59
181.59 x 12 = 2,179.09
I = $2,179.09
Answer (a) is the correct answer