Question 16 

If the interest of $675 earned over 3 years on an investment of $3,000, the simple interest rate is:

	a.	7.50%
	b.	5.7%
	c.	0.075%
	d.	6.75%

Question 17

What principal will accumulate to $2550 in 9 months if the simple interest rate is 9% per annum?

	a.	$2388.76
	b.	$2320.76
	c.	$2350.76
	d.	$2688.76

Question 18

An amount of $12,000 is invested in a bank account for two and a half years. The account pays interest of 6% per annum compounded monthly for the first 18 months, then at 7% per annum compounded monthly for a year. If no withdrawal is made the amount of money held in the account is:

	a.	$140752.11
	b.	$12000.00
	c.	$140733.11
	d.	$14076.11

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Question 16 To find the simple interest ... View the full answer