1. Find the ordinary interest to the nearest cent. $15,000 at 11% for 90 days $1

Question

1. Find the ordinary interest to the nearest cent.

$15,000 at 11% for 90 days

$1650.00

$15,412.50

$412.50

$407.92

2. Find the compound interest earned. Round to the nearest cent. Do not use an interest table.

$19,000 at 6% compounded annually for 3 years

$3420.00

$2348.40

$1141.50

$3629.30

3. Find principal to the nearest dollar, rate to the nearest tenth of a percent, or time to the nearest day. Use banker's interest.

Hank Wilkins invested $5200 in a mutual fund containing bonds. Find the rate given that he earned $257.83 in 210 days.

8%

8.8%

7.5%

8.5%

$1650.00

$15,412.50

$412.50

$407.92

Explanation / Answer

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Simple Interest computed on 360 days year is ordinary interest Given Principle = 15000 $ Rate = 11% Time = 90 days = 90/360 years = 0.25 years Interest = P * R * T /100 = 412.5 = Option c

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