Author Question: John buys a car for $20 000 on Kia finance with a simple interest of 5.99%. After one month he pays ... (Read 185 times)

justinmsk · **on:** Jun 6, 2019

Question 1

If a 6 month term deposit at a bank pays a simple interest of 3%, how much will have to be deposited to earn $18 000?
◦ $600 000
◦ $270
◦ $540
◦ $1 200 000
◦ $120 000

Question 2

John buys a car for $20 000 on Kia finance with a simple interest of 5.99%. After one month he pays off the Kia finance using his secured line of credit which charges him 4% simple interest. He pays off the line of credit in 11 months. How much did he pay in total?
◦ $20 837
◦ $20 737
◦ $20 733
◦ $20 800
◦ $21 198

cam1229 · **Reply #1 on:** Jun 6, 2019

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