Interest Mcqs

Q.  You deposit $600 into a 6 month certificate of deposit. After 6 months the balance is $618. Find the simple annual interest rate

a. 6%
b. 5%
c. 7%
d. 8%


ANSWER: See Answer
 
1. To find the interest, subtract the principal from the balance.
$618 – $600 = $18

2.Use the simple interest formula and solve for r.

I = Prt

18= 600 x r x (1/2)

r= 0.06 =6%
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