Question 1

Find the amount of interest on $635.00 at 6.5% p.a. from October 2, 2015 to August 4, 2016.

Accepted Answer

Number of days = 30 + 30 + 31 + 31 + 29 + 31 + 30 + 31 + 30 + 31 + 3 = 307
I = 635∗0.065 ∗   = $34.72

Question 2

How many months will it take $639 to grow to $795 at 8.45% p.a.?

Accepted Answer

I = 795.00 - 639.00 = 156.00; P = 639.00; r = 0.0845
t(months) =   ∗ 12 = 34.67 months = 35 months

Question 3

A loan of $4100 is to be repaid in three equal installments due 110, 197, and 311 days respectively after the date of the loan. If the focal date is the date of the loan and interest is 6.89% p.a., find the size of the installments.

Accepted Answer

Let the size of the installments be $x.
The focal date is the date of the loan.
4100.00 =   +   +   4100.00 =   +   +   4100.00 = .979658x + .9641462x + .9445488x
4100.00 = 2.888353x
1419.49 = x
The size of the installments is $1419.49.

Question 4

Determine the exact time between January 30, 2011 and May 20, 2011 by counting days.

Accepted Answer

The number

Question 5

In how many months will $9100.00 grow to $9818.75 at 6.41% p.a.?

Accepted Answer

I = 9818.75 - 9100.0

Question 6

In how many months will $5 000 grow to $6 000.00 at 9.5% p.a.?

Accepted Answer

Interest: I = 6000.00 - 5000.0

Question 7

Determine the number of days it will take $478.00 to earn $17.09 at   %.

Accepted Answer

P = 478; I = 17.09;

Question 8

What is the present value of $9700.00 due at 6.25% p.a. in 89 days?

Accepted Answer

S = 9700.0

Question 9

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

Accepted Answer

S = 3700;

Question 10

Find the maturity value of $832.00 invested at 8.8% from May 20, 2013, to November 23, 2013.

Accepted Answer

P = 832; r = 0.088
t = 11 + 30

Question 11

Calculate the amount of interest if $2000.00 is invested at 6% for 200 days.

Accepted Answer

A)  $65.75 
B)  $120.00 
C)  $54.25 
D)  $6575.34 
E)  $240.00 
A)  $65.75 
B)  $120.00 
C)  $54.25 
D)  $6575.34 
E)  $240.00

Question 12

Daniel's credit card statement last month showed $560 in cash advances and $5.25 in interest charges. The interest rate on the statement was 18.8%. For how many days was Daniel charged interest?

Accepted Answer

P=$560; I = $5.25; r

Question 13

What rate of interest did you receive over a period of 67 days if your principal was $7 444 and it has a maturity value of $7 601?

Accepted Answer

A)  11.94% 
B)  11.49% 
C)  11.69% 
D)  11.29% 
E)  11.99% 
A)  11.94% 
B)  11.49% 
C)  11.69% 
D)  11.29% 
E)  11.99%

Question 14

How many days did it take for your investment of $4300 to accrue $147 in interest at a rate of 8.12%?

Accepted Answer

A)  163.36 days 
B)  135.36 days 
C)  157.36 days 
D)  153.67 days 
E)  163.67 days 
A)  163.36 days 
B)  135.36 days 
C)  157.36 days 
D)  153.67 days 
E)  163.67 days

Question 15

Compute the amount of interest on $875.00 at 11.5% p.a. from May 29, 2013 to August 13, 2013.

Accepted Answer

P = 875.00; r = 0.115
Time per

Question 16

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

Accepted Answer

P = 12 000; I = 480;

Question 17

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.

Accepted Answer

Let the size of the equal payments be $x

Question 18

An appliance store advertises a stove for $747.50 with nothing down, no payments and no interest for six months. Determine the cash value the store would be willing to accept if on a six-month investment, it can earn an interest of 4%.

Accepted Answer

S = 747.50; r = 0.04

Question 19

Calculate the amount of interest that will be charged on $9000.00 borrowed for four months at 9.0%.

Accepted Answer

P = 9000; r = 0.09;

Question 20

Alex borrowed $7 500 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.

Accepted Answer

P = $7 500; r = 0.08

Find the amount of interest on $635.00 at 6.5% p.a. from October 2, 2015 to August 4, 2016.

How many months will it take $639 to grow to $795 at 8.45% p.a.?

A loan of $4100 is to be repaid in three equal installments due 110, 197, and 311 days respectively after the date of the loan. If the focal date is the date of the loan and interest is 6.89% p.a., find the size of the installments.

Determine the exact time between January 30, 2011 and May 20, 2011 by counting days.

In how many months will $9100.00 grow to $9818.75 at 6.41% p.a.?

In how many months will $5 000 grow to $6 000.00 at 9.5% p.a.?

Determine the number of days it will take $478.00 to earn $17.09 at %.

What is the present value of $9700.00 due at 6.25% p.a. in 89 days?

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

Find the maturity value of $832.00 invested at 8.8% from May 20, 2013, to November 23, 2013.

Calculate the amount of interest if $2000.00 is invested at 6% for 200 days.

Daniel's credit card statement last month showed $560 in cash advances and $5.25 in interest charges. The interest rate on the statement was 18.8%. For how many days was Daniel charged interest?

What rate of interest did you receive over a period of 67 days if your principal was $7 444 and it has a maturity value of $7 601?

How many days did it take for your investment of $4300 to accrue $147 in interest at a rate of 8.12%?

Compute the amount of interest on $875.00 at 11.5% p.a. from May 29, 2013 to August 13, 2013.

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

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.

An appliance store advertises a stove for $747.50 with nothing down, no payments and no interest for six months. Determine the cash value the store would be willing to accept if on a six-month investment, it can earn an interest of 4%.

Calculate the amount of interest that will be charged on $9000.00 borrowed for four months at 9.0%.

Alex borrowed $7 500 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.

Review of Arithmetic

Review of Basic Algebra

Ratio, Proportion, and Percent

Linear Systems

Trade Discount, Cash Discount, Markup, and Markdown

Break-Even and Cost-Volume-Profit Analysis

Simple Interest Applications

Compound Interest - Future Value and Present Value

Compound Interest - Further Topics

Ordinary Simple Annuities

Ordinary General Annuities

Annuities Due, Deferred Annuities, and Perpetuities

Amortization of Loans, Including Residential Mortgages

Bond Valuation and Sinking Funds

Investment Decision Applications

Filters

Exam 7: Simple Interest

Find the amount of interest on $635.00 at 6.5% p.a. from October 2, 2015 to August 4, 2016.

How many months will it take $639 to grow to $795 at 8.45% p.a.?

A loan of $4100 is to be repaid in three equal installments due 110, 197, and 311 days respectively after the date of the loan. If the focal date is the date of the loan and interest is 6.89% p.a., find the size of the installments.

Determine the exact time between January 30, 2011 and May 20, 2011 by counting days.

In how many months will $9100.00 grow to $9818.75 at 6.41% p.a.?

In how many months will $5 000 grow to $6 000.00 at 9.5% p.a.?

Determine the number of days it will take $478.00 to earn $17.09 at %.

What is the present value of $9700.00 due at 6.25% p.a. in 89 days?

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

Find the maturity value of $832.00 invested at 8.8% from May 20, 2013, to November 23, 2013.

Calculate the amount of interest if $2000.00 is invested at 6% for 200 days.

Daniel's credit card statement last month showed $560 in cash advances and $5.25 in interest charges. The interest rate on the statement was 18.8%. For how many days was Daniel charged interest?

What rate of interest did you receive over a period of 67 days if your principal was $7 444 and it has a maturity value of $7 601?

How many days did it take for your investment of $4300 to accrue $147 in interest at a rate of 8.12%?

Compute the amount of interest on $875.00 at 11.5% p.a. from May 29, 2013 to August 13, 2013.

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

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.

An appliance store advertises a stove for $747.50 with nothing down, no payments and no interest for six months. Determine the cash value the store would be willing to accept if on a six-month investment, it can earn an interest of 4%.

Calculate the amount of interest that will be charged on $9000.00 borrowed for four months at 9.0%.

Alex borrowed $7 500 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.

Review of Arithmetic

Review of Basic Algebra

Ratio, Proportion, and Percent

Linear Systems

Trade Discount, Cash Discount, Markup, and Markdown

Break-Even and Cost-Volume-Profit Analysis

Simple Interest Applications

Compound Interest - Future Value and Present Value

Compound Interest - Further Topics

Ordinary Simple Annuities

Ordinary General Annuities

Annuities Due, Deferred Annuities, and Perpetuities

Amortization of Loans, Including Residential Mortgages

Bond Valuation and Sinking Funds

Investment Decision Applications

Filters