Practice math applications MCQs in math quiz for test prep. Math applications quiz questions has multiple choice questions (MCQ) with math applications test, answers as to buy a home, nelda borrowed \$250,000 for 5 years and paid \$60,000 simple interest on loan. rate of interest he paid is, answer key with choices as 8.40%, 6.80%, 5.60% and 4.80% for competitive exam preparation worksheets. Free math revision notes to learn math applications quiz with MCQs to find questions answers based online tests.

MCQ. To buy a home, Nelda borrowed \$250,000 for 5 years and paid \$60,000 simple interest on loan. rate of interest he paid is

1. 8.40%
2. 6.80%
3. 5.60%
4. 4.80%

D

MCQ. Ana borrowed \$250000 for 7 years at interest rate of 12% per year. amount she will pay at end of seven years is

1. \$480,000
2. \$460,000
3. \$430,000
4. \$410,000

B

MCQ. Amount of money lent or borrowed by investors is classified as

1. inter bank exchange rate
2. compounded rate
3. the principal
4. interest rate

C

MCQ. Rachel invested \$10000 at 8% per annum then time Rachel will take to make it \$15000 is

1. 8.25 years
2. 8 years
3. 7.25 years
4. 6.25 years

D

MCQ. Michael wants to borrow some money for 48 months at 11% interest per year and pay \$1950 in interest charges for his business expansion. amount he could borrow is

1. \$4,432
2. \$5,432
3. \$6,532
4. \$6,832

A

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