Unit 8 Lesson 8: Exercise 4

1)Find the rate if Brian invests £6,000 for 2 years and earns £550 as interest. (Give your answer to 2 decimal places).

2) Find the number of years Sally paid back her loan of £15,200 at a rate 3.2% if her interest was £4,000. (Give your answer to the nearest whole number).

3) Find the principal amount which will earn an interest of £250 at a rate of 12% for 3 years.

4) Hannah invested £780 for 2^1/₂ years and earned an interest of £50. Find the rate at which the principal was invested

5) Lisa borrowed an amount of money at a rate of 4% per annum for 5 years and earned an interest of £660. Find the principal amount she borrowed.

6) Alicia wanted a new set of furniture for her living room and borrowed money from her company’s mutual account. She was given £9,050 at a rate of 7% for an interest of £770. Find how long she will take to repay the loan? (Give your answer to the nearest whole number).

7) Mary had a loan of £4,500 for 2 years and the interest calculated was £450. Find the rate at which the loan was given.

8) Ellis is a loan officer in a bank. He gave Mrs Ryan a loan of £2,500 at a rate of 3% with an interest of £375. Find how long it took Mrs Ryan to pay off her loan.

9) An amount of £125 at a rate of 3% at an interest rate of £11.25. Find the number of years for loan repayment?

10) Alicia and Belinda borrowed $3000 and $3500 respectively at the same rate of simple interest for 3 years. If Belinda paid $150 more interest than Alicia, find the rate of interest per annum.