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Use the formula interest = principal x rate x time to solve the following problems. Set up a percent proportion to solve problems 4 - 9. Select the correct answer from the choices given.
1. Find the total amount of a $3,500 loan borrowed at 9% for 3 years.
a. $2,000
b. $3,750
c. $4,445
2. Leo borrowed $10,000 for 120 days at an annual rate of 12% to remodel his home. Find the total amount to be repaid.
a. $10,400
b. $11,500
c. $12,750
3. Kara invested $5,000 in the stock market. If the annual interest rate is 7.5%, what will be the total amount of her return after 5 years?
a. $5,750
b. $6,875
c. $7,227
Set up a percent proportion to find the annual rate of interest for the problems below.
4. The yearly interest paid on a $1,500 loan is $250. What is the annual rate of interest? (Write your answer to the nearest tenth.)
a. 16.7%
b. 17.2%
c. 18.4%
5. The yearly interest paid on a $10,000 loan is $1,080. What is the annual rate of interest? (Write your answer to the nearest tenth.)
a. 8.5%
b. 9.7%
c. 10.8%
6.The yearly interest paid on a $945 credit card balance is $154. What is the annual rate of interest? (Write your answer to the nearest tenth.)
a. 14.7%
b. 16.3%
c. 18.7%
7.Find the principal investment if 12% interest earned on the investment is $375.
a. $1,735
b. $3,125
c. $5,447
8.The yearly interest paid on a $2,000 loan is $350. What is the annual rate of interest? (Write your answer to the nearest tenth.)
a. 15.2%
b. 17.5%
c. 18.7%
9.Find the principal investment if 25% interest earned on the investment is $650.
a. $2,600
b. $3,575
c. $4,649
Math: Interest Problems - Quiz
