BUS 038 PLEASE shortly explain all questions

Simple Interest class problems Answer the following questions involving simple interest. Input all answers to the nearest dollar 1) D. takes a loan of $8,000 to buy a used truck at the rate of 9 % simple interest. Calculate the annual interest to be paid for the loan amount. ________________________________________________________________ 2) Steve invested $ 10,000 in a savings bank account that earned 2% simple interest. Find the interest earned if the amount was kept in the bank for 4 years. ________________________________________________________________ 3) Ryan bought $ 15,000 from a bank to buy a car at 10% simple Interest. If he paid $ 9,000 as interest while clearing the loan, find the time for which the loan was given. ________________________________________________________________ 4) In how much time will the simple interest on $3,500 at the rate of 9% be the same as simple interest on $4,000 at 10.5% for 4 years? 5) Richard deposits $ 5400 and got back an amount of $ 6000 after a year. Find the simple interest he got. 6) Find simple interest on $3000 at 7% rate of interest for one year.

7) Find simple interest on $10,000 at the rate of 5% for 5 years. Also find the amount for 5 years 8. Interest Rate: 7% each year Starting Balance: $194 Time Passed: 13 years How much interest has accrued if we are using simple interest? What is the new total balance? Interest: _______ Total balance: _________ 9. Interest Rate: 9% each year Starting Balance: $150 Time Passed: 14 years How much interest has accrued if we are using simple interest? What is the new total balance? Interest: ______ Total balance: _____ 10. Interest Rate: 2% each year Starting Balance: $135 Time Passed: 11 years How much interest has accrued if we are using simple interest? What is the new total balance? Interest: ____ Total balance: ____