Exam 6: Simple Interest

Calculate the missing value:

Calculate the equivalent value of the scheduled payments if money can earn the rate of return specified in the last column. Assume that any payments due before today have been missed.

If $40.52 interest accrued on a $1000 certificate of deposit from January 15, 2008 to July 7, 2008, what rate of simple interest did the certificate of deposit earn?

Payments of $900 and $1000 are due in 30 days and 210 days, respectively. If money can be invested at 7¾ %, what single payment 90 days from now is equivalent to the payment stream?

The $1000 principal amount of a loan was repaid on March 13, 2011 along with accrued interest in the amount of $49.42. If the interest rate on the loan was 11%, what was the repayment date?

A principal of $2680 is invested for 2.5 years at a rate of 12%. What amount of interest will be earned?

Calculate the missing value:

Calculate the missing value:

On June 26 Laura put $2750 into a term deposit until September 3, when she needs the money for tuition, books, and other expenses to return to college. For term deposits in the 60-89-day range, her credit union pays an interest rate of 4¼ %. How much interest will she earn on the term deposit?

On June 26, 2011, $1000 was borrowed at an interest rate of 10¾ %. On what date was the loan repaid if the amount of accrued interest was $63.91?

What was the term of a $4850 loan at 4.5% if the interest due at the end was $145.50?

Calculate the amount of interest that would be earned on an account of $47,500 if it earned 6.4% for 293 days.

The amount required to pay off a $3500 loan at 8.4% was $3646.60. What was the term (in days) of the loan?

Calculate the simple interest rate at which one can earn $1,500 per day interest on an investment of $7,500,000.

Determine a) whether the earlier or later payment has the greater economic value at the given interest rate and b) the interest rate at which the two payments would be equivalent:

An $85,000 investment earned a 6.9% rate of simple interest from December 1, 2010 to May 30, 2011. How much interest was earned?

The interest paid on an 11-month loan at 10¼ % was $328.85. What was the principal amount of the original loan?

Calculate the equivalent value of the scheduled payments if money can earn the rate of return specified in the last column. Assume that any payments due before today have been missed.

Calculate the amount of interest that would be earned on an account of $216,000 if it earned 5.15% for 27 days.

A $3800 loan at 10¾ % was advanced on June 17, 2011. How much interest was due when the loan was repaid on October 1, 2011?