Question

You invest $2,000.00 at a rate of 4% APR for a 3 months. How much interest did you earn?

A. $80.00
B. $40.00
C. $20.00
D. $10.00
You earn $10.00/hour and work 40 hours/week. You invest $4,000.00 at an interest rate of 5% APR for a year. How much interest did that savings earn in a year in terms of hours of work?
A. 100 hours
B. 20 hours
C. 40 hours
D. 400 hours

Answer 1

1.a

2.c

3.c

4.b

100% brainless please

Answer 2

1) If you invest $2,000.00 at a rate of 4% APR for 3 months and the interest is compounded monthly then in 3 months.It will be worth $2,020.07.
So subtracting $2,000 from $ 2,020.07
we get.
$20.07

2) I = Prt
I = 4,000 * 0.05
I = $200

200 / 10 = 20 hours of work