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Mathematics Clinic => Grade 11 and 12 Mathematics => Topic started by: AEWBW on Jun 6, 2019

Title: The interest earned on a $6000 investment was $240. What was the term in months if the interest rate was 6%?
Post by: AEWBW on Jun 6, 2019

Question 1

Interest of $429.48 was charged on a loan of $9500 over a period of 7 months. What simple rate of interest was charged on the loan?
◦ 2.64%
◦ 4.52%
◦ 3.48%
◦ 4.38%
◦ 7.75%

Question 2

The interest earned on a $6000 investment was $240. What was the term in months if the interest rate was 6%?
◦ 9 months
◦ 12 months
◦ 7 months
◦ 8 months
◦ 4 months

Title: The interest earned on a $6000 investment was $240. What was the term in months if the interest rate was 6%?
Post by: T4T on Jun 6, 2019

Answer 1

7.75%

Answer 2

8 months

Title: The interest earned on a $6000 investment was $240. What was the term in months if the interest rate was 6%?
Post by: AEWBW on Jun 6, 2019

Thanks

Title: The interest earned on a $6000 investment was $240. What was the term in months if the interest rate was 6%?
Post by: T4T on Jun 6, 2019

Welcome :)

Title: Re: The interest earned on a $6000 investment was $240. What was the term in months if the interest
Post by: Rahul Sharma on Feb 14, 2022

Thankyou