Question 1

Pablo invested $1965 in a 3-month term deposit at 2.2% p.a. What is the maturity value of this deposit?

Accepted Answer

The answer of Pablo invested $1965 in a 3-month term...

Question 2

Genevieve won $42 016 from the lottery and deposited all of it into an RESP account for her children that had an interest rate of 0.7% for a 1-year term. What is the maturity value of the deposit?

Accepted Answer

The answer of Genevieve won $42 016 from the lottery...

Question 3

On New Years' Day in 2014, Legend's Hair Emporium borrowed a sum of money, and promised to pay $11 781 back on October 28, 2014. This loan included interest at 1.4%. How much money was initially borrowed on New Years' Day by Legends Hair Emporium?

Accepted Answer

The answer of On New Years' Day in 2014, Legend's...

Question 4

Eighty days ago, Emma was supposed to pay $870 to Regina. She also will owe Regina $1230 in 120 days. However, Emma is unable to pay these amounts; so instead, Regina has agreed to accept two equal payments due after three months and six months, respectively. If the interest rate is 1.25%, determine the size of the quarterly payments.

Accepted Answer

The answer of Eighty days ago, Emma was supposed to...

Question 5

Jake owed Terry $3690 nine months ago and Jake also owed Charles $4008 three months ago. If Jake wanted to repay both of these debts today, determine the single payments that would full repay the debts. Allow for simple interest at 0.8%.

Accepted Answer

The answer of Jake owed Terry $3690 nine months ago...

Question 6

At what rate of interest will $16 590 earn $147.93 in a year?

Accepted Answer

The answer of At what rate of interest will $16...

Question 7

Bart deposited $4300 into a savings account with a rate of 1.4% p.a. After 200 days, what is the maturity value of the deposit?

Accepted Answer

The answer of Bart deposited $4300 into a savings account...

Question 8

Approximately how many months would it take for $8460 to earn $15.86 of interest on a 0.25% rate?

Accepted Answer

The answer of Approximately how many months would it take...

Question 9

Five months after Nadir makes an investment into an account with a rate of 0.65%, the maturity value of his deposit is $1822. What was the initial value of his investment?

Accepted Answer

The answer of Five months after Nadir makes an investment...

Question 10

What principal will have a future value of $7325 at a 1.1% rate in 350 days?

Accepted Answer

The answer of What principal will have a future value...

Question 11

Louis took out a loan to pay off his new car, and four months later, has to pay back $8752. This figure also includes a 0.93% interest rate. How much did Louis originally borrow?

Accepted Answer

The answer of Louis took out a loan to pay...

Question 12

CloudTrust Limited has a monthly payroll of $6 million. They choose to make a short-term investment in an account with a 0.9% rate. At the end of the month, what is the maturity value of the deposit?

Accepted Answer

The answer of CloudTrust Limited has a monthly payroll of...

Quiz 7: Simple Interest