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Stage 5.1-2

7.04 Interest rates

Interactive practice questions

Peter takes out a loan which accrues interest at a flat rate of $0.18%$0.18% per week.

What is the equivalent yearly simple interest rate? Assume that there are $52$52 weeks in a year.

Give your answer as a percentage value.

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Amelia takes out a loan which accrues interest at a flat rate of $0.63%$0.63% per month.

What is the equivalent yearly simple interest rate?

Give your answer as a percentage value.

Sharon takes out a loan which accrues interest at a flat rate of $0.03%$0.03% per day.

What is the equivalent yearly simple interest rate? Assume that there are $365$365 days in a year.

Give your answer as a percentage value.

Carl takes out a loan which accrues interest at a flat rate of $1.96%$1.96% per quarter.

What is the equivalent yearly simple interest rate?

Give your answer as a percentage value.

Outcomes

MA5.1-4NA

solves financial problems involving earning, spending and investing money

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