q1 test 3 mca\n1 select the correct answer. calculate the simple interest. round to the nearest cent for: p…

q1 test 3 mca\n1 select the correct answer. calculate the simple interest. round to the nearest cent for: p = $2000, r = 6%, t = 1 yr\na $110.00\nb $120.00\nc $130.00\nd $140.00\n2 select the correct answer. calculate the simple interest. round to the nearest cent for: p = $3000, r = 5.5%, t = 6 months\na $82.53\nb $82.5\nc $85.20\nd $87.50\n3 select the correct answer. calculate the simple interest. round to the nearest cent for: p = $4000, r = 5.5%, t = 3 months\na $58.20\nb $52.95\nc $58.00\nd $59.25

q1 test 3 mca\n1 select the correct answer. calculate the simple interest. round to the nearest cent for: p = $2000, r = 6%, t = 1 yr\na $110.00\nb $120.00\nc $130.00\nd $140.00\n2 select the correct answer. calculate the simple interest. round to the nearest cent for: p = $3000, r = 5.5%, t = 6 months\na $82.53\nb $82.5\nc $85.20\nd $87.50\n3 select the correct answer. calculate the simple interest. round to the nearest cent for: p = $4000, r = 5.5%, t = 3 months\na $58.20\nb $52.95\nc $58.00\nd $59.25

Answer

Explanation:

Step1: Recall simple - interest formula

The simple - interest formula is $I = Prt$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years.

Question 1

$P=$2000$, $r = 6%=0.06$, $t = 1$ year. $I=Prt=2000\times0.06\times1=$120.00$

Question 2

$P = $3000$, $r=5.5% = 0.055$, $t=\frac{6}{12}=0.5$ years. $I=Prt=3000\times0.055\times0.5=$82.50$

Question 3

$P=$4200$, $r = 5.5%=0.055$, $t=\frac{3}{12}=0.25$ years. $I=Prt=4200\times0.055\times0.25=$57.75$

Answer:

  1. B. $120.00
  2. A. $82.50
  3. (None of the provided options are correct as the calculated value is $57.75$)