Pat deposits $600 in a savings account at a simple interest rate 6% per year for 5 years. How much money will Pat have earned in interest at the end of 5 years?
A. $360
B. $180
C. $95
D. $36
In the simple interest, we utilize the following formula to find the simple interest after a period of time in years.
I=P*r*t
I is the interest
P=Principal or initial deposit
r=rate
t=time in years
From the given problem, P=$600, r=6%=6/100=0.06, t=5 years. Then
I=$600*0.06*5=$180
After 5 years, Pat will earn an interest of $180.
Therefore, the Correct Answer is B.
More Questions on TEAS 7 Math
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Q #1: To rent tablecloth from a rental vendor, there is an initial charge of $40. There is an additional charge of $5 per circular tablecloth (c) and $3.50 per rectangular tablecloth (r). Which of the following represents the total cost (T) to rent tablecloths?
A. 5r + 3.5c - 40 = T
B. 5c + 3.5r + 40 = T
C. 5c + 3.5r - 40 = T
D. 5r + 3.5c + 40 = T
Answer Explanation
From the given scenario:
Initial charge is $40
Additional charge per circular cloth=$5c
Additional charge per rectangular cloth=$3.50r
Total cost = additional charge per circular rectangular cloths + Initial charge
Total cost, T = 5c + 3.5r + 40
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Q #2: A lab scale weighs 3 pounds, 5 ounces. Which of the following is the scale's weight in ounces(oz)?
A. 29 oz
B. 41 oz
C. 35 oz
D. 53 oz
Answer Explanation
We convert the given weight in pounds to ounces and find total weight. 1 pound=16 ounces, which we interpret as
Or
Use the second option to convert pounds to ounces
Now, we can ounces to ounces as: 48 oz + 5 oz= 53 oz
Therefore, 3 pounds, 5 ounces is equal to 53 oz
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Q #3: Which of the following options correctly orders the numbers below from least to greatest? 235.971, 145.884, -271.906, -193.823
A. -271.906, -193.823, 145.884, 235.971
B. -271.971, 235.971, -193.823, 145.884
C. 145.884, -193.823, 235.971, -271.906
D. -193.823, -271.906, 145.884, 235.971
Answer Explanation
From the given options, we can arrange the numbers from the smallest to the largest as:
-271.906, -193.823, 145.884, 235.971
From the above, it can be noted that -271 is less than -193 while 235 is more than 145.
