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1. A $25,000 investment earned 0.25% per month simple interest for a three-month term. What total amount of interest was earned?

1. A $25,000 investment earned 0.25% per month simple interest for a three-month term. What total amount of interest was earned?

College Algebra
College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.3: Modeling With Linear Equations
Problem 3ECP: Your family has annual loan payments equal to 28 of its annual income. During theyear, the loan...
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Please answer questions 14, 15 and 16 accurately to the nearest cent or two decimal places. Thank you. 

14. A $25,000 investment earned 0.25% per month simple interest for a three-month term. What total amount of interest was earned? 15. How much must be placed in a five-month term deposit earning 4.3% simple interest in order to earn $500 interest? 16. A five-month term deposit of $10,000 at Scotiabank earned $175 in interest. What annual rate of simple interest did the deposit earn?
Transcribed Image Text:14. A $25,000 investment earned 0.25% per month simple interest for a three-month term. What total amount of interest was earned? 15. How much must be placed in a five-month term deposit earning 4.3% simple interest in order to earn $500 interest? 16. A five-month term deposit of $10,000 at Scotiabank earned $175 in interest. What annual rate of simple interest did the deposit earn?
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