Simple Interest
Change 52 months to a fractional part of a year.
52/12
Your account balance was $235.02. You wrote a check for $31.28 and one for $45.92. You deposited $115.48 from your paycheck.
$273.30
Frederick’s account statement shows a $75.06 unpaid balance. What is the finance charge if the periodic rate is 2% of the unpaid balance?
$1.50
John Simms is shopping for a new sport utility vehicle. A portion of the sticker for an SUV is shown below. What is the sticker price?
Base Price $28,150
Anti-Lock Brakes (ABS) $900
Automatic Transmission (AO) $630
Destination Charge $699
$30,379
David Chin purchased a town home priced at $177,400 and made a 20% down payment. What was the down payment amount?
$35,480
What is the simple interest on a principal of $2,700 at 3.5% interest for 2 years?
$189
Your account balance was $189.75. Your deposit was $159.60. You wrote a check for $43.79 and withdrew $50.00 from an ATM.
$255.56
Arianne Greene’s charge account statement shows an unpaid balance of $376.00. The monthly finance charge is 1.85% of the unpaid balance. What is the finance charge?
$6.96
You are interested in purchasing a 2-year-old sedan with a $16,667 average retail value. You want to add a power sunroof for $543, a satellite radio system for $196, and a remote engine start for $115. If you deduct $225 for excessive mileage, what is the average retail price?
$17,296
Cesar Santiago recorded his housing expenses for the month of September as follows: $575.16 for mortgage payment, $23.70 for insurance premium, $87.40 for real estate taxes, $76.36 for electricity, $21.18 for telephone service, and $19.30 for water. What is his total monthly housing cost?
$803.10
What is the simple interest on a principal of $550 at 2.5% interest for 8 months?
$9.17
Jess Norton stopped at an ATM to deposit 2 one hundred dollar bills and checks for $534.85 and $231.15. Her received $50 in cash.
$916
Adele Palmer’s charge account statement showed a previous balance of $1,500, a finance charge of $5, new purchases of $150, and a payment of $80.00. What is her new balance?
$1,575
Instead of purchasing a new car, Maria Smits decided to lease one. Her deposit was $3,000 and her payments are $230 per month for 60 months. She also paid a $90 title fee and a $50 license fee. What is her total lease cost?
$16,940
Patti Green and her husband are purchasing a condominium for $123,000. They have $15,000 for a down payment. What is the amount of their mortgage loan?
$108,000
What is the simple interest on a principal of $400 at 2% interest for 400 days?
$8.77
Latoya Johnson uses United Bank online banking. One month she paid the basic charge, 8 bills, and requested a printed statement. United’s online banking charges are shown below. What are Latoya’s total fees for the month?
Service Fee Basic Monthly Charge $5.50
Bill Payment - first 4 N/C (no charge) $0.50
Printed Statement $3.50
$11.00
The previous monthly balance on Barney’s charge card is $144.79. He made a payment of $144.79 and had charges of $125.22, $23.22, and $33.65. There is no finance charge.
$182.09
You are interested in purchasing a 2-year-old sedan with a $18,442 average retail value. You want to add leather seats for $643, a satellite radio system for $296, and a remote engine start for $75. If you deduct $250 for excessive mileage, what is the average retail price?
$19,206
Daniel recorded his housing expenses for the month of September as follows: $675.50 for mortgage payment, $21.70 for insurance premium, $83.40 for real estate taxes, $72.36 for electricity, $23.18 for telephone service, and $21.30 for water. What is his total monthly housing cost?
$897.44
The principal on Daniel’s savings account is $2,000. The annual interest rate is 5% and Daniel lets his principal accumulate for six months. What is the account balance after six months?
$2,050
The manager of Tony’s Pizzeria deposited money in the restaurant’s checking account at the end of the day. The deposit included 4 fifty-dollar bills, 9 twenty-dollar bills, 16 ten-dollar bills, 22 five-dollar bills, 16 one-dollar bills, 29 quarters, 14 dimes, 9 nickels, and 17 pennies. What was the total deposit?
$675.27
Andre’s charge card account has a previous balance of $1,887.29. Andre made a $150 payment and had new purchases including $74.97 and $38.21 with a finance charge of $14.81. He also had a credit of $54.89 posted to his account.
$1,810.39
Instead of purchasing a new car, Marla decided to lease one. Her deposit was $2,000 and her payments are $320 per month for 60 months. She also paid a $120 title fee and a $50 license fee. What is her total lease cost?
$21,370
Lauren purchased a town home priced at $180,400 and made a 20% down payment. What was the mortgage loan amount?
$144,320