Question 1

Norma Nowak has a hair salon in the shopping center. Norma borrowed $4,250 to buy additional equipment for her salon. The loan was for 200 days at 9.1% exact simple interest. How much interest must Norma pay when the 200 days have elapsed? (Use a 365-day year.)

Accepted Answer

The answer of Norma Nowak has a hair salon in...

Question 2

In each problem, (1) compute the actual exact interest (365-day year) and (2) estimate the interest by rounding the principal to the nearest hundred dollars. For each estimate, assume that a year has 360 days and use the given suggestion to create a shortcut. Round answers to the nearest cent.​
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Accepted Answer

The answer of In each problem, (1) compute the actual...

Question 3

Cortez Sheet Metal borrowed $12,250 to make its quarterly payroll tax payment to the government. The loan was for 45 days at a 8% exact simple interest rate. Compute the amount of interest that it paid for this loan. (Use a 365-day year.)

Accepted Answer

The answer of Cortez Sheet Metal borrowed $12,250 to make...

Question 4

Devon Gillies is a college student who is working as a laborer for a landscape company during the summer. Before the first paycheck, the owner loaned Devon $1,000 for 30 days at 5% ordinary simple interest. Compute the total amount that Devon will need to repay the owner when he gets paid after 30 days. (Use a 360-day year.)​

Accepted Answer

The answer of Devon Gillies is a college student who...

Question 5

Jorge Garcia was to lend $5,250 to his cousin at 3% ordinary simple interest for 240 days. If the cousin repays everything as agreed upon, what total will Jorge receive? (Use a 360-day year.)

Accepted Answer

The answer of Jorge Garcia was to lend $5,250 to...

Question 6

In each problem, (1) compute the actual exact interest (365-day year) and (2) estimate the interest by rounding the principal to the nearest hundred dollars. For each estimate, assume that a year has 360 days and use the given suggestion to create a shortcut.​
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Accepted Answer

The answer of In each problem, (1) compute the actual...

Question 7

Edison Automotive Machining Company needs to borrow money to repair a broken milling machine. The company can borrow $80,000 for 300 days at 7% exact simple interest. Compute the total amount that Edison will need to repay. (Use a 365-day year.)

Accepted Answer

The answer of Edison Automotive Machining Company needs to borrow...

Question 8

Walter Fong borrowed $1,175 at 8% ordinary simple interest for 180 days. Compute the total amount that Walter will have to pay on the due date. (Use a 360-day year.)​

Accepted Answer

The answer of Walter Fong borrowed $1,175 at 8% ordinary...

Question 9

Deanna and her sister Molly borrowed $1,600 from their mother. Their mother only charged 3% ordinary simple interest and the loan was for two years. Compute the total interest and principal that the sisters need to repay their mother. (Use a 360-day year.)

Accepted Answer

The answer of Deanna and her sister Molly borrowed $1,600...

Question 10

​In each problem, (1) compute the actual exact interest (365-day year) and (2) estimate the interest by rounding the principal to the nearest hundred dollars. For each estimate, assume that a year has 360 days and use the given suggestion to create a shortcut.
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Accepted Answer

The answer of ​In each problem, (1) compute the actual...

Question 11

In each problem, (1) compute the actual exact interest (365-day year) and (2) estimate the interest by rounding the principal to the nearest hundred dollars. For each estimate, assume that a year has 360 days and use the given suggestion to create a shortcut. Round answers to the nearest cent.​
​

Accepted Answer

The answer of In each problem, (1) compute the actual...

Question 12

A loan officer approved a $12,000 loan to a small business for 90 days. If the ordinary simple interest rate was 9%, compute the interest earned on the loan. (Use a 360-day year.)

Accepted Answer

The answer of A loan officer approved a $12,000 loan...

Question 13

Andrew Merrill, owns a mobile sandwich and pretzel stand. Andrew borrows $5,200 for 135 days at 9% ordinary simple interest. What total will Andrew need to repay for both interest and principal? (Use a 360-day year.)

Accepted Answer

The answer of Andrew Merrill, owns a mobile sandwich and...

Question 14

Charles Clothing Company needs to borrow money to repair its broken sewing machines. It can borrow $90,000 for 270 days at 8% exact simple interest. Compute the total amount that Charles will need to repay. (Use a 365-day year.)

Accepted Answer

The answer of Charles Clothing Company needs to borrow money...

Question 15

For a few years now, Karen Williamson and her sister have operated an office services company that caters to small businesses in town. Recently, they got an opportunity to buy a used high-speed copy machine for $8,500, which they considered an excellent price. To make the purchase quickly, they agreed to pay $1,000 now and borrow $7,500 from the seller for 60 days at 9.5% exact simple interest. What is the total amount that they will need to repay the seller at the end of the 60 days? (Use a 365-day year.)

Accepted Answer

The answer of For a few years now, Karen Williamson...

Question 16

An investor borrowed $10,000 to buy shares of stock of a chain of retail gift stores. The loan was for 120 days at 9% ordinary simple interest. Compute the interest that the investor will pay on the due date. (Use a 360-day year.)​

Accepted Answer

The answer of An investor borrowed $10,000 to buy shares...

Question 17

David Brown borrowed $2,225 at 7% ordinary simple interest for 190 days. Compute the total amount that David will have to pay on the due date. (Use a 360-day year.)​

Accepted Answer

The answer of David Brown borrowed $2,225 at 7% ordinary...

Question 18

Richard Davis, owns a butcher and grilling supply store. Richard borrows $7,500 for 150 days at 8% ordinary simple interest. What total will Richard need to repay for both interest and principal? (Use a 360-day year.)​

Accepted Answer

The answer of Richard Davis, owns a butcher and grilling...

Question 19

Leslie loaned $2,000 to her daughter for four years. She charged her daughter only 4% ordinary simple interest. If the daughter repays all interest and principal on time, how much money will Leslie collect? (Use a 360-day year.)​

Accepted Answer

The answer of Leslie loaned $2,000 to her daughter for...

Question 20

David Riley owns a five-year-old computer game business. Because of slack business, David needs to borrow $25,000. Compute the interest fee if David gets the loan for 120 days at 12% ordinary simple interest. (Use a 360-day year.)

Accepted Answer

The answer of David Riley owns a five-year-old computer game...

Quiz 13: Simple Interest

Norma Nowak has a hair salon in the shopping center. Norma borrowed $4,250 to buy additional equipment for her salon. The loan was for 200 days at 9.1% exact simple interest. How much interest must Norma pay when the 200 days have elapsed? (Use a 365-day year.)

Cortez Sheet Metal borrowed $12,250 to make its quarterly payroll tax payment to the government. The loan was for 45 days at a 8% exact simple interest rate. Compute the amount of interest that it paid for this loan. (Use a 365-day year.)

Jorge Garcia was to lend $5,250 to his cousin at 3% ordinary simple interest for 240 days. If the cousin repays everything as agreed upon, what total will Jorge receive? (Use a 360-day year.)

In each problem, (1) compute the actual exact interest (365-day year) and (2) estimate the interest by rounding the principal to the nearest hundred dollars. For each estimate, assume that a year has 360 days and use the given suggestion to create a shortcut.​ ​

Edison Automotive Machining Company needs to borrow money to repair a broken milling machine. The company can borrow $80,000 for 300 days at 7% exact simple interest. Compute the total amount that Edison will need to repay. (Use a 365-day year.)

Walter Fong borrowed $1,175 at 8% ordinary simple interest for 180 days. Compute the total amount that Walter will have to pay on the due date. (Use a 360-day year.)​

Deanna and her sister Molly borrowed $1,600 from their mother. Their mother only charged 3% ordinary simple interest and the loan was for two years. Compute the total interest and principal that the sisters need to repay their mother. (Use a 360-day year.)

​In each problem, (1) compute the actual exact interest (365-day year) and (2) estimate the interest by rounding the principal to the nearest hundred dollars. For each estimate, assume that a year has 360 days and use the given suggestion to create a shortcut. ​

A loan officer approved a $12,000 loan to a small business for 90 days. If the ordinary simple interest rate was 9%, compute the interest earned on the loan. (Use a 360-day year.)

Andrew Merrill, owns a mobile sandwich and pretzel stand. Andrew borrows $5,200 for 135 days at 9% ordinary simple interest. What total will Andrew need to repay for both interest and principal? (Use a 360-day year.)

Charles Clothing Company needs to borrow money to repair its broken sewing machines. It can borrow $90,000 for 270 days at 8% exact simple interest. Compute the total amount that Charles will need to repay. (Use a 365-day year.)

An investor borrowed $10,000 to buy shares of stock of a chain of retail gift stores. The loan was for 120 days at 9% ordinary simple interest. Compute the interest that the investor will pay on the due date. (Use a 360-day year.)​

David Brown borrowed $2,225 at 7% ordinary simple interest for 190 days. Compute the total amount that David will have to pay on the due date. (Use a 360-day year.)​

Richard Davis, owns a butcher and grilling supply store. Richard borrows $7,500 for 150 days at 8% ordinary simple interest. What total will Richard need to repay for both interest and principal? (Use a 360-day year.)​

Leslie loaned $2,000 to her daughter for four years. She charged her daughter only 4% ordinary simple interest. If the daughter repays all interest and principal on time, how much money will Leslie collect? (Use a 360-day year.)​

David Riley owns a five-year-old computer game business. Because of slack business, David needs to borrow $25,000. Compute the interest fee if David gets the loan for 120 days at 12% ordinary simple interest. (Use a 360-day year.)

In each problem, (1) compute the actual exact interest (365-day year) and (2) estimate the interest by rounding the principal to the nearest hundred dollars. For each estimate, assume that a year has 360 days and use the given suggestion to create a shortcut.

Walter Fong borrowed $1,175 at 8% ordinary simple interest for 180 days. Compute the total amount that Walter will have to pay on the due date. (Use a 360-day year.)

In each problem, (1) compute the actual exact interest (365-day year) and (2) estimate the interest by rounding the principal to the nearest hundred dollars. For each estimate, assume that a year has 360 days and use the given suggestion to create a shortcut.

An investor borrowed $10,000 to buy shares of stock of a chain of retail gift stores. The loan was for 120 days at 9% ordinary simple interest. Compute the interest that the investor will pay on the due date. (Use a 360-day year.)

David Brown borrowed $2,225 at 7% ordinary simple interest for 190 days. Compute the total amount that David will have to pay on the due date. (Use a 360-day year.)

Richard Davis, owns a butcher and grilling supply store. Richard borrows $7,500 for 150 days at 8% ordinary simple interest. What total will Richard need to repay for both interest and principal? (Use a 360-day year.)

Leslie loaned $2,000 to her daughter for four years. She charged her daughter only 4% ordinary simple interest. If the daughter repays all interest and principal on time, how much money will Leslie collect? (Use a 360-day year.)