Hi, I\'m doing a test now, I have less than 1 hour. Can you guys please help me

Question

Hi, I'm doing a test now, I have less than 1 hour. Can you guys please help me with this?

1. If $20,000 is borrowed at 6.5% for 7 years, what is the simple interest amount on this loan?

$8900

$9100

$9320

$9360

2. If $23,000 is borrowed at 8.25% for 45 months, what is the simple interest amount on this loan?

7100.565

6515.435

6500.525

7115.625

3.

Determine the present value, given the future value $12000, time 6 years and annual simple interest rate 6.25%

$8720.654

$8745.912

$8717.986

$8727.27

4. If $25,000 is borrowed for period of 7 years at simple interest 9.5%. Compute the total amount owed at the end of 7 years.

$42,000

$41,500

$41,625

$42,565

5.

$3,062,771

$3,010,212

$3,021,551

$3,041,667

6.

$13,900

$13,546

$13,009

$13,090

9.25%

9.5%

9.75%

9.0%

$8900

$9100

$9320

$9360

Explanation / Answer

1. Given $20,000 is borrowed at 6.5% for 7 years.

then simple interset = 20000*0.065*7 = 20000*0.455 = $9100

hence Option B is correct.

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