Exam 9: Simple Interest

The simple interest note was discounted at 15%. Find the discount period in days and the proceeds. -Loan made: Oct 13 Face value: $52,000 Length of loan: 100 days Rate: 11% Date of discount: Jan 4

Find the discount and proceeds on the simple discount note. -Face value: $5,700.00 Discount rate: 11% Time (days): 30

Find the exact number of days from the first date to the second. Assume that the second month is in the following year, and assume no leap years. -April 24 to February 22

Find the ordinary interest to the nearest cent. -$24,470 at % for 103 days

Find principal to the nearest dollar, rate to the nearest tenth of a percent, or time to the nearest day. Use banker's interest. -ABF Freight Systems earned $420.00 interest in 210 days from an investment that paid 4%. Find the amount initially invested.

Find the ordinary interest to the nearest cent. -$3,570 at 9% for 338 days

Solve the problem. -Larry Thompson buys a $80,000 T-bill at a 5% discount for 13 weeks. Find the effective interest rate. (Assume 52 weeks per year.)

Find the proceeds to the nearest cent when the following is discounted. -Maturity value: $11,000 Discount period: 90 days Discount rate: 10.6%

Find the maturity date and proceeds. Round to the nearest cent. -Face value: $3,500 Discount rate: Date made: July 15 Time: 180 days Maturity date: Proceeds:

Find the date due and the maturity value. Use banker's interest. -

Find the maturity value of the simple interest note. -Face Value: $28,568 Length of Loan: 206 days Rate: 10%

Find the interest and maturity value for the loan. Round to the nearest cent. -$7,454 at 10% for 9 months

Find the principal. Round to the nearest cent. -Rate: 4.2% Time: 300 days Interest: $19.01

Solve the problem. -Randy Hunter buys a $30,000 T-bill at a 5.4% discount for 24 weeks. Find the interest earned on the T-bill. (Assume 52 weeks per year.)

Solve the problem. -An investor buys a $20,000 T-bill at a 7% discount for 26 weeks. Find the effective interest rate. (Assume 52 weeks per year.)

Answer the question about the promissory note given. ------------------------Promissory Note------------------------ March 12 Ninety days after date above, I promise to pay to the order of Thomas Ronney $590 dollars and no Cents with interest at 12% per year, payable at Nations Bank Abercorn Branch. Due: June 10 Signed: Fred Nester -------------------------------------------------------------- Who is the payer of the note?

Find the time (in days). Round to the nearest day. -Principal: $8,620 Rate: 8.5% Interest: $81.41

Find the proceeds to the nearest cent when the following is discounted. -Maturity value: $8,000 Discount period: 90 days Discount rate: 8.5%

Answer the question about the promissory note given. ------------------------Promissory Note------------------------ March 12 Ninety days after date above, I promise to pay to the order of Thomas Ronney $780 dollars and no Cents with interest at 11% per year, payable at Nations Bank Abercorn Branch. Due: June 10 Signed: Fred Nester -------------------------------------------------------------- What is the maturity value of the note?

Solve the problem. Round rates to the nearest tenth of a percent, dollar amounts to the nearest cent, and time to the nearest day. -A $8,090 note is signed, for 70 days, at a discount rate of 9.5%. Find the proceeds.