You put $750 into a certificate of deposit. Your simple annual interest rate is

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Question
You put $750 into a certificate of deposit. Your simple annual interest rate is 4%. You receive a check for the interest at the end of each year. How long will it take to earn $150 in interest?
Options
A. 5years
B. 6years
C. 7years
D. 8years

Correct Answer

5years

Explanation

I=prt

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Simple Interest problems

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1. Find the simple interest charged on borrowing $325 for 5 years at 3% p.a. (per annum or per year) interest.
Options
A. 59
B. 46
C. 48.75
D. 34.75

2. 1. The simple interest on a sum of money is Rs. 50. What is the sum? I. The interest rate is 10% p.a. II. The sum earned simple interest in 10 years
Options
A. I alone sufficient while II alone not sufficient to answer
B. II alone sufficient while I alone not sufficient to answer
C. Either I or II alone sufficient to answer
D. Both I and II are necessary to answer

3. The present of Rs.169 due in 2years at 4% per annum compound interest is
Options
A. Rs.150.50
B. Rs.154.75
C. Rs.156.25
D. Rs.158

4. A sum of Rs 15200 is divided into two parts. The simple interest on first part at the rate of 25% per annum is equal to the simple interest on second part at the rate of 13% per annum. What is the interest (in Rs) of each part?
Options
A. 2500
B. 1300
C. 3250
D. 1625

6. On retirement, a woman gets Rs. 1,45,440 of her provident fund which she invests in a scheme at 20% per annum. Her monthly income from this scheme will be
Options
A. Rs. 2550
B. Rs. 2424
C. Rs. 2224
D. Rs. 2380

7. Praveena took a loan of Rs. 1200 with simple interest for as many years as the rate of interest. If she paid Rs. 432 as interest at the end of the loan period, what was the rate of interest ?
Options
A. 6
B. 7
C. 9
D. 11

8. Lasya invested certain amount for two rates of simple interests at 5% p.a. and 4% p.a. What is the ratio of Lasya's investments if the interests from those investments are equal ?
Options
A. 4 : 5
B. 5 : 4
C. 7 : 6
D. 6 : 7

9. A person got Rs.48 more when he invested a certain sum at compound interest instead of simple interest for two years at 8% p.a. Find the sum ?
Options
A. Rs.8000
B. Rs.6500
C. Rs.7500
D. Rs.5000

10. A lady took loan from a bank at the rate of 12% p.a. simple interest. After 3 years she had to pay Rs. 5400 interest only for the period. The principal amount borrowed by her was :
Options
A. Rs. 15,000
B. Rs. 1,50,000
C. Rs. 1500
D. Rs. 1,62,000

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