Mathematics >> Simple Interest
Rondell’s parents borrow $6,300 from the bank for a new car. The interest rate is 6% per year. How much simple interest will they pay if they take 2 years to repay the loan?
- A. 556
- B. 665
- C. 756
- D. 856 Click here for Answer and Explanation
Car is purchased on hire-purchase. The cash price is $21000 and the terms are a deposit of 10% of the price, then the balance to be paid off over 60 equal monthly instalments. Interest is charged at 12% p.a. What is the total cost of the car?
- A. $30240
- B. $31240
- C. $33240
- D. $32240 Click here for Answer and Explanation
A loan shark made a loan of $100 to be repaid with $120 at the end of one month. What was the annual interest rate?
- A. 210%
- B. 220%
- C. 230%
- D. 240% Click here for Answer and Explanation
Reena took a loan of Rs. 1200 with simple interest for as many years as the rate of Interest. If she paid Rs. 432 as interest at the end of the loan period, what was the rate of interest?
- A. 3.6
- B. 6
- C. 18
- D. Can not be determined Click here for Answer and Explanation
A Rent Rs. 5000 to B for 2 years and Rs. 3000 to C for 4 years on simple interest at the same rate of interest and received Rs. 2200 in all from both of them as interest. The rate of interest per annum is:
- A. 5%
- B. 7%
- C. 7.5%
- D. 10% Click here for Answer and Explanation