Chapter 7.4, Problem 30MC

Complete each “Try it!” for the three examples on the School Book Page on page $404.$

Try It!

Victoria has another account at the bank that pays $2\frac{1}{2}\%$ simple interest. How much interest will she earn in 8 years on an initial deposit of $250 assuming she neither adds to nor withdraws from the account?

$2\frac{1}{2}\%$ interest expressed as a decimal is $\boxed{}$.

Try It!

Another company will lend Maya’s older sister $4,000. Every month, she will pay $11.88 in interest rate, rounded to the nearest tenth of a percent, for 1 year?

Try It!

Katelyn’s older brother borrowed money for school. He took out a loan that charges $6\%$ simple interest. He will end up paying $\$720$ in interest after 6 years. How much did Katelyn’s brother borrow for school?