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1. Nestor borrows $10,000 from the shady loan shark, Mr. Wildcat. Mr. Wildcat te

ID: 2678218 • Letter: 1

Question

1. Nestor borrows $10,000 from the shady loan shark, Mr. Wildcat. Mr. Wildcat tells him he must
repay the loan in 1 month and pay an additional $1000 in interest. If Mr. Wildcat is charging
simple interest on his loan, what is the annual interest rate?

Yolanda invests her $5,000 bonus into a high yield account that earns 6.7% simple interest. She
wants to buy a Burmese Rabbit Hound with the money. The breeder told her that a puppy
would cost $5,500. How long will Yolanda have to wait before she has $5,500 in her savings
account?

Explanation / Answer

he charged 1000 on 10K in a month that means (1000/10K) per month = 10% per month = 120% per annum

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