Math Applications Multiple Choice Questions with Answers – PDF Download

To buy a home, Nelda borrowed $250,000 for 5 years and paid $60,000 simple interest on loan. The rate of interest he paid is

1. 8.40%
2. 6.80%
3. 5.60%
4. 4.80%

Ana borrowed $250000 for 7 years at interest rate of 12% per year. The amount she will pay at the end of seven years is

1. $480,000
2. $460,000
3. $430,000
4. $410,000

The amount of money lent or borrowed by investors is classified as

1. inter bank exchange rate
2. compounded rate
3. the principal
4. interest rate

Rachel invested $10000 at 8% per annum then the time Rachel will take to make it $15000 is

1. 8.25 years
2. 8 years
3. 7.25 years
4. 6.25 years

Michael wants to borrow some money for 48 months at 11% interest per year and pay $1950 in interest charges for his business expansion. The amount he could borrow is

1. $4,432
2. $5,432
3. $6,532
4. $6,832