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Rate is equal to interest divided by the principal times time.

A) True
B) False

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Use ordinary interest: Use ordinary interest:

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A. 97 Days...

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A. $4,860 B. $22,860...

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Interest is the cost of borrowing.

A) True
B) False

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Jill Ley took out a loan for $60,000 to pay for her child's education. The loan would be repaid at the end of eight years in one payment with interest of 6%. The total amount Jill has to pay back at the end of the loan is:


A) $88,008
B) $80,800
C) $88,800
D) $28,800
E) None of these

F) A) and B)
G) B) and E)

Correct Answer

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Use ordinary interest: Use ordinary interest:

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A. 126 day...

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A note dated August 18 and due on March 9 runs for exactly:


A) 230 days
B) 227 days
C) 272 days
D) 203 days
E) None of these

F) A) and B)
G) None of the above

Correct Answer

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A. $1,760 ...

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A note dated Dec. 13 and due July 5 runs for exactly:


A) 11 days
B) 161 days
C) 204 days
D) 347 days
E) None of these

F) B) and D)
G) C) and E)

Correct Answer

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