Question 1

Find the amount of interest and the maturity value of the loan: $$\begin{array} { l l l l l } 
\text { Principal } & \text { Rate } & \text { Time } & \text { Interest } & \text { Maturity Value } \
\$ 118,000 & 12 \% &1 \frac{3}{4} \mathrm{years} & &
\end{array}$$

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Question 2

Determine the number of days of the loan: Loan Date $\quad$ Due Date $\quad$ Number of Days
March 12  $\quad$December 15

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Question 3

Use the exact method (365 days) and the ordinary interest method (360 days) to compute the amount of interest for the following loan, rounding to the nearest cent: $$\begin{array} { l l l l l } 
\text { Principal } & \text { Rate } & \text { Time } & \text { Exact Interest } & \text { Ordinary Interest } \
\$250& 9 \frac { 1 } { 4 } \% &6 \text { days } & &
\end{array}$$

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The answer of Use the exact method (365 days) and...

Question 4

Patty wants to pay off a medical bill. He took out a loan for $1,250 with his credit union, at 6.25% interest, for 2.5 years. What is the amount of interest on Patty's loan? (Round to the nearest cent)

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The answer of Patty wants to pay off a medical...

Question 5

Find the amount of interest and the maturity value of the loan: $$\begin{array} { l l l l l } 
\text { Principal } & \text { Rate } & \text { Time } & \text { Interest } & \text { Maturity Value } \
\$ 28,000 & 11.9 \% &2 \frac{1}{2} \mathrm{yrs} & &
\end{array}$$

Accepted Answer

The answer of Find the amount of interest and the...

Question 6

Saturn Corporation borrowed $412,000 at $12 \frac { 1 } { 2 } \%$ interest on May 20 for 72 days. The bank uses the exact interest method. What is the amount of interest on the loan? (Round to the nearest cent)

Accepted Answer

The answer of Saturn Corporation borrowed $412,000 at \(12 \frac...

Question 7

Find the maturity value of the loan (use the formula MV = P(1+ RT) to find the maturity value): $$\begin{array} { l l l l } 
\text { Principal } & \text { Rate } & \text { Time } & \text { Maturity Value } \
\$ 925,000 & 10.2 \% & 24 \text { months } &
\end{array}$$

Accepted Answer

The answer of Find the maturity value of the loan...

Question 8

Use the exact method (365 days) and the ordinary interest method (360 days) to compute the amount of interest for the following loan, rounding to the nearest cent: $$\begin{array} { l l l l l } 
\text { Principal } & \text { Rate } & \text { Time } & \text { Exact Interest } & \text { Ordinary Interest } \
\$ 1,890 & 10 \frac { 3 } { 4 } \% & 118 \text { days } & &
\end{array}$$

Accepted Answer

The answer of Use the exact method (365 days) and...

Question 9

Henry Black's property taxes of $1,726 were due on September 12. The municipality charges a $7 \frac { 3 } { 4 } \%$ simple interest penalty, calculated by the ordinary interest method, for the time the payment is late. Henry paid the taxes on October 20. What was the amount of his payment? (Round to the nearest cent)

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Question 10

Determine the number of days of the loan: Loan Date $\quad$ Due Date $\quad$ Number of Days
May 1 $\quad$ $\quad$August 10

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Question 11

Nate wants to buy a used truck. He took out a loan for $11,111 with his credit union, at 6.55% interest, for 4.5 years. What is the amount of interest on Nate's loan? (Round to the nearest cent)

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Question 12

Determine the number of days of the loan: Loan Date $\quad$ Due Date $\quad$ Number of Days
May 14 $\quad$ $\quad$August 20

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Question 13

On October 10, Blake Redman borrowed $2,600 from his credit union at 12% for 120 days. The credit union uses the ordinary interest method. What is the amount of interest on the loan? (Round to the nearest cent)

Accepted Answer

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Question 14

Determine the maturity date of the loan: Loan Date $\quad$ Time of Loan $\quad$ Maturity Date
May $30 \quad \quad160$ days

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Question 15

Find the maturity value of the loan (use the formula MV = P(1+ RT) to find the maturity value): (Round to the nearest cent) $$\begin{array} { l l l l l } 
\text { Principal } & \text { Rate } & \text { Time } & \text { Interest } & \text { Maturity Value } \
\$ 1,850 & 10 \frac{1}{2} \%&1 \frac{1}{4} \mathrm{years} & &
\end{array}$$

Accepted Answer

The answer of Find the maturity value of the loan...

Question 16

Use the exact method (365 days) and the ordinary interest method (360 days) to compute the amount of interest for the following loan, rounding to the nearest cent: $$\begin{array} { l l l l l } 
\text { Principal } & \text { Rate } & \text { Time } & \text { Exact Interest } & \text { Ordinary Interest } \
\$ 36,800 & 8 \% & 59 \text { days } &
\end{array}$$

Accepted Answer

The answer of Use the exact method (365 days) and...

Question 17

Find the maturity value of the loan (use the formula MV = P(1+ RT) to find the maturity value): $$\begin{array} { l l l l } 
\text { Principal } & \text { Rate } & \text { Time } & \text { Maturity Value } \
\$ 615,000 & 12.6 \% & 15 \text { months } &
\end{array}$$

Accepted Answer

The answer of Find the maturity value of the loan...

Question 18

Determine the maturity date of the loan: Loan Date $\quad$ Time of Loan  $\quad$Maturity Date
August $14 \quad 90$ days

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Question 19

Find the maturity value of the loan (use the formula MV = P(1+ RT) to find the maturity value): $$\begin{array} { l l l l } 
\text { Principal } & \text { Rate } & \text { Time } & \text { Maturity Value } \
\$ 10,900 & 8 \% & 3 \text { years } &
\end{array}$$

Accepted Answer

The answer of Find the maturity value of the loan...

Question 20

Determine the number of days of the loan: Loan Date $\quad$ Due Date $\quad$ Number of Days
July 12 $\quad$ $\quad$September 5

Accepted Answer

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Quiz 10: Simple Interest and Promissory Notes

Find the amount of interest and the maturity value of the loan: $\begin{array} { l l l l l } \text { Principal } & \text { Rate } & \text { Time } & \text { Interest } & \text { Maturity Value } \\\$ 118,000 & 12 \% &1 \frac{3}{4} \mathrm{years} & &\end{array}$

Determine the number of days of the loan: Loan Date $\quad$ Due Date $\quad$ Number of Days March 12 $\quad$ December 15

Patty wants to pay off a medical bill. He took out a loan for $1,250 with his credit union, at 6.25% interest, for 2.5 years. What is the amount of interest on Patty's loan? (Round to the nearest cent)

Find the amount of interest and the maturity value of the loan: $\begin{array} { l l l l l } \text { Principal } & \text { Rate } & \text { Time } & \text { Interest } & \text { Maturity Value } \\\$ 28,000 & 11.9 \% &2 \frac{1}{2} \mathrm{yrs} & &\end{array}$

Saturn Corporation borrowed $412,000 at $12 \frac { 1 } { 2 } \%$ interest on May 20 for 72 days. The bank uses the exact interest method. What is the amount of interest on the loan? (Round to the nearest cent)

Find the maturity value of the loan (use the formula MV = P(1+ RT) to find the maturity value): $\begin{array} { l l l l } \text { Principal } & \text { Rate } & \text { Time } & \text { Maturity Value } \\\$ 925,000 & 10.2 \% & 24 \text { months } &\end{array}$

Determine the number of days of the loan: Loan Date $\quad$ Due Date $\quad$ Number of Days May 1 $\quad$ $\quad$ August 10

Nate wants to buy a used truck. He took out a loan for $11,111 with his credit union, at 6.55% interest, for 4.5 years. What is the amount of interest on Nate's loan? (Round to the nearest cent)

Determine the number of days of the loan: Loan Date $\quad$ Due Date $\quad$ Number of Days May 14 $\quad$ $\quad$ August 20

On October 10, Blake Redman borrowed $2,600 from his credit union at 12% for 120 days. The credit union uses the ordinary interest method. What is the amount of interest on the loan? (Round to the nearest cent)

Determine the maturity date of the loan: Loan Date $\quad$ Time of Loan $\quad$ Maturity Date May $30 \quad \quad160$ days

Find the maturity value of the loan (use the formula MV = P(1+ RT) to find the maturity value): $\begin{array} { l l l l } \text { Principal } & \text { Rate } & \text { Time } & \text { Maturity Value } \\\$ 615,000 & 12.6 \% & 15 \text { months } &\end{array}$

Determine the maturity date of the loan: Loan Date $\quad$ Time of Loan $\quad$ Maturity Date August $14 \quad 90$ days

Find the maturity value of the loan (use the formula MV = P(1+ RT) to find the maturity value): $\begin{array} { l l l l } \text { Principal } & \text { Rate } & \text { Time } & \text { Maturity Value } \\\$ 10,900 & 8 \% & 3 \text { years } &\end{array}$

Determine the number of days of the loan: Loan Date $\quad$ Due Date $\quad$ Number of Days July 12 $\quad$ $\quad$ September 5

Quiz 10: Simple Interest and Promissory Notes

Determine the number of days of the loan: Loan Date \quad Due Date \quad Number of Days March 12 \quad December 15

Patty wants to pay off a medical bill. He took out a loan for $1,250 with his credit union, at 6.25% interest, for 2.5 years. What is the amount of interest on Patty's loan? (Round to the nearest cent)

Saturn Corporation borrowed $412,000 at 1212%12 \frac { 1 } { 2 } \%1221​% interest on May 20 for 72 days. The bank uses the exact interest method. What is the amount of interest on the loan? (Round to the nearest cent)

Determine the number of days of the loan: Loan Date \quad Due Date \quad Number of Days May 1 \quad \quad August 10

Nate wants to buy a used truck. He took out a loan for $11,111 with his credit union, at 6.55% interest, for 4.5 years. What is the amount of interest on Nate's loan? (Round to the nearest cent)

Determine the number of days of the loan: Loan Date \quad Due Date \quad Number of Days May 14 \quad \quad August 20

On October 10, Blake Redman borrowed $2,600 from his credit union at 12% for 120 days. The credit union uses the ordinary interest method. What is the amount of interest on the loan? (Round to the nearest cent)

Determine the maturity date of the loan: Loan Date \quad Time of Loan \quad Maturity Date May 3016030 \quad \quad16030160 days

Determine the maturity date of the loan: Loan Date \quad Time of Loan \quad Maturity Date August 149014 \quad 901490 days

Determine the number of days of the loan: Loan Date \quad Due Date \quad Number of Days July 12 \quad \quad September 5

Determine the number of days of the loan: Loan Date $\quad$ Due Date $\quad$ Number of Days March 12 $\quad$ December 15

Saturn Corporation borrowed $412,000 at $12 \frac { 1 } { 2 } \%$ interest on May 20 for 72 days. The bank uses the exact interest method. What is the amount of interest on the loan? (Round to the nearest cent)

Determine the number of days of the loan: Loan Date $\quad$ Due Date $\quad$ Number of Days May 1 $\quad$ $\quad$ August 10

Determine the number of days of the loan: Loan Date $\quad$ Due Date $\quad$ Number of Days May 14 $\quad$ $\quad$ August 20

Determine the maturity date of the loan: Loan Date $\quad$ Time of Loan $\quad$ Maturity Date May $30 \quad \quad160$ days

Determine the maturity date of the loan: Loan Date $\quad$ Time of Loan $\quad$ Maturity Date August $14 \quad 90$ days

Determine the number of days of the loan: Loan Date $\quad$ Due Date $\quad$ Number of Days July 12 $\quad$ $\quad$ September 5