SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 1) is a fee charged for the use of money. is the amount of money borrowed or placed into a savings account. is the percent of the principal paid for having money loaned, or earned for investing money. Unless indicated otherwise, rates are given as a percent for a term of 1 year. or term is the length oftirne that the money is being borrowed or invested. When the rate is given as a percent per year, time has to be written in years. is the amount of the loan or investment plus the interest paid or earned. 2) 1. Simple interest: X X 2. Future value = + 1) 2) MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 3) Find the missing value. Principal Ratel Time Simple Interest $14,400 19.5%l 6 months A) $168,480.00 B) $1,404.00 4) Find the future value of the loan, P = $13,200, r = 6.5%, t = 2 months A) $13,343.00 B) $14,677.30 C) $16,848.00 D) $14,040.00 c) $14,673.20 0) $13,339.27 3) 4) SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 5) Find the missing value. Principal Rate Time Simple Interest $18,300 10% $12,810.00 6) Find the missing value. Principal Rate | Time | Simple Interest $13,700 | 4years l $3,836.00 7) Find the missing value. Principal Rate 1 Time | Simple Interest 19.59/0' Syears I $6,337.50 8) Fran borrowed $8,800 for 2.5 years. The simple interest is $3,080.00. Find the rate. 9) Angela borrowed $300 at 16% simple interest to buy a chair. Find the term of the loan if the interest was $384.00. 5) 6) 7} 8) 9) MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 10) A Motel is converting its rooms into privately owned condominiums. The interest on a $3,800,000, 307year construction loan is $90,000. What is the rate of interest? Does the rate seem unreasonable? A) 5.80%; rcasonablc C) 1.60%; unreasonable B) 0.08%; unreasonable D) 4.30%; reasonable 10)