Questions from Business Mathematics

Q: What annual rate of interest was earned if a $15,

What annual rate of interest was earned if a $15,000 investment for five months earned $546.88 in interest?

Q: Express decimal and percent equivalent forms in the repeating decimal notation.

Express decimal and percent equivalent forms in the repeating decimal notation. Show just the minimum number of decimal places needed to display the repeating digit or group of digits. 37 27

Q: $890 interest was charged on $8900 borrowed on a simple

$890 interest was charged on $8900 borrowed on a simple interest basis for eight months. What was the interest rate per month on the loan?

Q: How much interest will be earned on $5000 in five months

How much interest will be earned on $5000 in five months if the interest rate is 5.5%?

Q: A $3800 loan at 7.5% was advanced on

A $3800 loan at 7.5% was advanced on June 17, 2019. How much interest was due when the loan was repaid on October 1, 2019?

Q: Raimo borrowed $750 from Chris on October 30 and agreed to

Raimo borrowed $750 from Chris on October 30 and agreed to repay the debt with simple interest at the rate of 12.3% on May 10. How much interest was owed on May 10? Assume that February has 28 days.

Q: Joyce had $2149 in her daily interest savings account for the

Joyce had $2149 in her daily interest savings account for the entire month of June. Her account was credited with interest of $2.65 on June 30 (for the exact number of days in June). What annual rate...

Q: Maia’s chequing account was $329 overdrawn beginning on September 24.

Maia’s chequing account was $329 overdrawn beginning on September 24. On October 9 she made a deposit that restored a credit balance. If she was charged overdraft interest of $2.50, what annual rate o...

Q: In addition to a $2163 refund of her income tax overpayment

In addition to a $2163 refund of her income tax overpayment, the Canada Revenue Agency (CRA) paid Raisa $13.36 of interest on the overpayment. If the simple interest rate paid by the CRA was 5.5%, how...

Q: Megan was charged $124.83 interest on her bank loan

Megan was charged $124.83 interest on her bank loan for the period September 18 to October 18. If the rate of interest on her loan was 8.25%, what was the outstanding principal balance on the loan dur...