6 Questions
If a student deposits $1000 in a savings account that pays simple interest at the rate of 6% per year, how much money will the student have after one year?
$1060
What annual simple interest rate corresponds to a lump-sum payment of $5425 for a loan of $5000 to be repaid in one lump sum at the end of one year?
8.5%
If a student borrows $3000 from his uncle at a simple interest rate of 5.5% per year and repays the entire loan after waiting for two years, how much will he have to repay?
$3330
If a student deposits $1000 in a savings account that pays interest at the rate of 6% per year, compounded annually, how much will the student have after 12 years?
$2012.20
What is the present worth of a student's inheritance of $5000 in three years, given a savings account that pays 5.5% per year, compounded annually?
$4258.07
What is the annual rate of simple interest if $265 is earned in four months on an investment of $15,000?
5.3%
Test your knowledge of engineering economy concepts with this problem set quiz. Practice calculating simple interest and understanding the principles of investment and repayment.
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