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1. A loan of $750 is made at 9.5% simple interest for 4 months. How much interest is owed when the loan is due?

   1.   ?    $23.75
   2.   ?    $285
   3.   ?    $973.75
   4.   ?    None of the answers given; click to see the solution.

2. A loan of $1200 is made at 12.4% simple interest for 60 days. What is the total amount due at the end of the time period? (Use a 360-day year.)

   1.   ?    $1224.80
   2.   ?    $24.80
   3.   ?    $10128
   4.   ?    None of the answers given; click to see the solution.

3. A check for $6369 was used to pay off a loan which was made at a rate of 8.2% simple interest for 9 months. How much money was borrowed originally?

   1.   ?    $6000
   2.   ?    $5977.31
   3.   ?    $3664.56
   4.   ?    None of the answers given; click to see the solution.

4. A loan of $5400 was paid off at the end of 60 days with a check for $5502.60. What annual rate of interest was used? (Use a 360-day year.)

   1.   ?    11.4%
   2.   ?    3.17%
   3.   ?    1.9%
   4.   ?    None of the answers given; click to see the solution.

5. An advertisement for a loan company states that you only pay 11 cents per day for each $100 borrowed. If you borrow $700 for 50 days, what amount will you repay?

   1.   ?    $738.50
   2.   ?    $38.50
   3.   ?    $700.77
   4.   ?    None of the answers given; click to see the solution.

6. An advertisement for a loan company states that you only pay 11 cents per day for each $100 borrowed. If you borrow $700 for 50 days, what annual rate of interest is the company actually charging? (Use a 360-day year.) Note: This is a continuation of question #5.

   1.   ?    39.6%
   2.   ?    3.96%
   3.   ?    .11%
   4.   ?    None of the answers given; click to see the solution.