Exam 7: Simple Interest

Two obligations of $835 each, due 90 days ago and 35 days ago respectively, are to be settled by two equal payments to be made today and 65 days from now respectively. If interest allowed is 8.75% and the agreed focal date is today, what is the size of the equal payments?

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?

Bilal had got his first monthly paycheck of $5800 from his job and decided to deposit it into a new account with a 1.2% simple interest rate p.a. After half a year, how much interest had this initial deposit garnered?

Leons advertises a bed room set for $1495 with nothing down, no payments and no interest for 6 months. What cash price should the store be willing to accept if, on a 6 month investment, Leons can earn a rate of 9%?

You owed $700.00 35 days ago, and you missed the payment. You also owe an additional $600 in 5 months. What single equivalent value is due if your focal date is today and you are paying at an interest rate of 8.46% on your debt?

What sum of money will accumulate to $3700.00 at 14.75% p.a. in 451 days?

A debt of $1410.00 due 6 months ago and a second debt of $1815.00 due in 4 months with interest at 6.16% p.a. are to be settled by two equal payments due now and 9 months from now respectively. Find the size of the equal payments at 7.37% p.a. with the agreed focal date now.

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

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

Kennedy owed $925 to his friend a year ago and owed $600 to another friend 6 months ago. If he clears his debt today, what total payment is he expected to make, if the simple interest of 20% is applicable?

Alex borrowed $7500 to buy a car. If interest is charged on a loan at 8.5%, how much interest would he have to pay in 120 days.

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.

A loan payment of $1700 was due 60 days ago and another payment of $1200 is due 45 days from now. What single payment 90 days from now will pay off the two obligation if interest is to be 14% and the agreed focal date is 90 days from now?

Payments of $1430 due one year ago and $1175 due with interest of 6% in nine months are to be settled by three equal payments due today, seven months from now, and one year from now at 7.5%. Determine the size of the equal payments if the agreed focal date is one year from today.

At what rate of interest must a principal of $1535.00 be invested to earn interest of $75.46 in 235 days?

What principal will have a maturity value of $40 000.00 at 5.25% p.a. in 4 years?

Danny bought a camera from Future Shop for $385 at 3% p.a. rate and 4 equal quarterly payments. Determine the size of the quarterly payments if the agreed focal date is the date of the loan.

An investment of $12 000.00 earns an interest of $480.00. Calculate the time in months if the interest rate is 6%.

Calculate the amount of interest if $700.00 is invested at 5.5% for two years and nine months.

Determine the exact time between January 30, 2014 and May 20, 2014 by counting days.