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
-
Q #1: Four hundred milligrams is equal to how many grams?
A. 4 g
B. 0.4 g
C. 400,000 g
D. 0.00004 g
Answer Explanation
we are asked to change 400 mg to g. We use the conversion 1g=1000mg, which we can write as:
So, 400 mg to g becomes
-
Q #2: 7x - 6= 3x - 26 Solve the equation above for x. Which of the following is the value for x?
A. -5
B. 6
C. 5
D. -8
Answer Explanation
Here we collect like terms together and solve for the unknown value of x.
7x-6=3x-26
Add 6 to both sides of the equation
7x-6+6=3x-26+6
7x=3x-20
Subtract 3x from both sides of the equation
7x-3x=-20
4x=-20
Divide both sides by 4
4x/-4=-20/4
x = -5
The value of x = -5
-
Q #3: A pudding recipe for 50 people calls for 4 cups of sugar. Each bag of sugar contains 6 cups. How many bags of sugar will be needed to make this recipe for 300 people?
A. 8 bags
B. 13 bags
C. 4 bags
D. 24 bags
Answer Explanation
We need to perform a series of numerical dimensional analysis to find the number of bags sugar needed for 300 people.
We are told that 50 people need 4 cups of sugar. This can be interpretated as:
Or
Also, one bag of sugar contains 6 cups. This can also be presented as:
Or
We use the second option relating number of people and cups, and second option relating cups of sugar and bag of sugar to find for number of bags of sugar needed for 300 people.
Therefore, 300 people will need 4 bags of sugar.
