PSU The Mathematics of Money Questions

Question 1Bill borrowed $1,400. Eighteen months later, he paid back a total of $1,575. How much interest did Bill pay?Group of answer choicesThe interest rate is required.Flag question: Question 2Question 2Julie’s parents loaned her $2,800. She promised to pay them back $4,140 in 4 years. Identify the principal.Group of answer choices$4,140$1,340$2,800Flag question: Question 3Question 3Rewrite the following percent interest rate as a decimal: 2078%Group of answer choices1.739580.208750.01742.0875Flag question: Question 4Question 4If you invest $8,684 at a simple interest rate of 312%, how much will your investment be worth after 4 years?Group of answer choices$1,215.76$8,987.94$20,841.60$9,899.76Flag question: Question 5Question 5When Pete was 18 years old, he borrowed $1,500 from his sister to buy his first car. One year later, Pete repaid her $1,620. How much interest did Pete pay, and what was the simple interest rate?Group of answer choices$1,500; 2%$120; 8%$1,620; 8%$120; 2%Flag question: Question 6Question 6Jackson received a quote for a 121-day term loan with a principal of $2,400 and a simple interest rate of 5.9%. The lender indicated that the total interest for the loan would be $46.94. What method did the lender use to calculate the interest?Group of answer choicesTerm in MonthsSimplified Exact Method (365 days/year)Bankers’ Rule (360 days/year)More information is needed.Flag question: Question 7Question 7NewCorp provided its CEO with a 151-day term loan with a simple interest rate of 3.5%. The CEO paid $356.93 in interest, which was calculated using Bankers Rule. How much did the company loan their CEO?Group of answer choices$24,313.11More information is needed.$24,474.90$24,650.49Flag question: Question 8Question 8Alexa lent Peter $175. Six months later, Peter gave Alexa a total of $188.23 to pay off the loan. What rate of simple interest did Peter pay?Group of answer choices$13.2314.06%15.12%7.56%Flag question: Question 9Question 9Allison loaned Will $5,376 for 16 months. The simple interest rate for the loan was 458%. Determine the total amount of interest that Allison earned.Group of answer choices$5,707.52$248.64$8,691.20$331.52Flag question: Question 10Question 10Jill borrowed $12,201 from West State Credit Union for 190 days at a simple interest rate of 318%. Using the Simplified Exact Method, determine the total amount of interest that West State Credit Union will earn.Group of answer choices$198.48$12,399.48$381.28$14,185.75