Simple Interest Answers

Susan is paying $0.30 per $100 on her $483,000 home in homeowners insurance annually. If her annual homeowners insurance premium is divided into twelve equal monthly installments to be included on each of her monthly mortgage payments of $2128.00, what is her total monthly payment?

Consider the following incomplete deposit ticket: What was Art’s total deposit?

Which excerpt from The Strange Case of Dr. Jekyll and Mr. Hyde uses direct characterization?

Which statement best describes how Mr. Utterson’s view of civility and proper behavior changes throughout The Strange Case of Dr. Jekyll and Mr. Hyde?

Read the excerpt from The Strange Case of Dr. Jekyll and Mr. Hyde.To cast in my lot with Jekyll, was to die to those appetites which I had long secretly indulged and had of late begun to pamper. To cast it in with Hyde, was to die to a thousand interests and aspirations, and to become, at a blow and forever, despised and friendless.

Which of the following will not help Robert lower his homeowners insurance premium?

If you invest $3,900 at a 7.83% simple annual interest rate, approximately how long will it take for you to have a total of $10,000?

June has a savings account with an annual simple interest rate of 2.6%. She hopes to gain $6,500 in interest over a period of eleven years. To accomplish this, June invested $17,801 in the account, but later realized that this was not enough money. To the nearest dollar, how much more money should June have initially invested to reach her goal?

Ruby wants to start her own business taking photographs. She already has her own camera, but needs to purchase lights, a photo printer, and photo paper. If the cost of the photo printer is $251.99, the cost of lighting is $150.00, and the cost for 100 sheets of photo paper is $30.98, determine how much of her savings will be used to start her company, given that she has $840.32 in savings.

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In many cases, lenders allow homeowners to include their homeowners insurance premium with their monthly mortgage payment. Tim’s home is worth $279,500. If his homeowners insurance premium is $0.33 per $100, how much is added to his monthly mortgage payment for insurance?

If you wish to calculate the interest on an investment with a rate of 3.58%, what number will you plug into your equation?

Why is simple interest useful for planning parts of your financial future?

You have decided both to open a savings account and to purchase a vehicle. You would like a savings account with the highest interest rate and a vehicle loan with a low interest rate. You currently have a checking account at Bank A. From the banks listed below, determine with which bank you should open a savings account and at which bank should you apply for your vehicle loan.

Which of the following investments will earn the greatest amount of interest?

Read these excerpts from The Strange Case of Dr. Jekyll and Mr. Hyde.Excerpt 1:I had but to drink the cup, to doff at once the body of the noted professor, and to assume, like a thick cloak, that of Edward Hyde. I smiled at the notion;it seemed to me at the time to be humourous; and I made my preparations with the most studious care.Excerpt 2:Now, however, and in the light of that morning's accident, I was led to remark that whereas, in the beginning, the difficulty had been to throw off the body of Jekyll, it had of late gradually but decidedly transferred itself to the other side. All things therefore seemed to point to this; that I was slowly losing hold of my original and better self, and becoming slowly incorporated with my second and worse.

What is the resolution of The Strange Case of Dr. Jekyll and Mr. Hyde?

Zach is looking for a homeowners insurance policy for his new house. AAA Insurance company has offered him a plan that insures his home annually for $0.36 per $100 of value in the home. In order to make calculations easier, Thompson’s Insurance lists their annual homeowners insurance premium a bit differently, at $3.63 per $1,000 of value in the home. Zach’s house is worth $289,000. What should Zach be thinking as he chooses between the two insurance companies?

Mary and Lewis each open a savings account at the same time. Mary invests $3,700 in an account yielding 3.2% simple interest, and Lewis invests $3,000 in an account yielding 5.9% simple interest. After fifteen years, who has the greater total amount of money, and how much greater is it?

Having a savings account can contribute to a person’s overall financial well-being. Which one of the following is NOT a benefit of maintaining a savings account?