Exam 7: Simple Interest

Hydro One plans to complete a modification with the project start date of March 12. The procurement activities begin on July 6 worth $3.5 million. Calculate the amount the project manager obtains on March 12 to pay for all the procurement, if money is worth 2.5% per year

The exact number of days between January 25, 2012 and March 25, 2012 is?

If Inez is charged an interest of $42.95 on a loan of $950.00 for seven months, calculate the rate of interest charged on the loan.

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

What rate of interest did you receive over a period of 67 days if your principal was $7444 and it has a maturity value of $7601?

What is the amount to which $7250.00 will grow at 7.75% p.a. in 3 months?

A loan of $10 000.00 is to be repaid in four equal payments due in three months, six months, nine months, and one year respectively after the date of the loan. Calculate the size of the equal payments if interest is 8.5%.

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?

Ed plans to receive $2000 interest in 200 days on his investment of $40 000. At what interest rate should he plan to invest?

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?

How much must Fred deposit to earn $66 in 7 months at a rate of 1.5%?

Leo wishes to invest $8000.00 that he saved from his summer job. His bank offers 3.75% for a one-year term investment or 3.5% for a six-month term. Help Leo to investigate his options. a) How much will Leo receive after one year if he invests at the one-year rate? b) How much will Leo receive after one-year if he invests for six-months at a time at 3.5% each time? c) What would the one-year rate have to be to yield the same amount of interest as the investment described in part b)?

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?

Three debts, the first for $1720 due four months ago, the second for $1315 due in 5 months, and the third for $1640 due in 7 months, are to be paid by a single payment today. How much is the single payment if money is worth 7.5% p.a. and the agreed focal date is today?

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

Debt payments of $1000.00 due today, $500.00 due in 90 days, and $500.00 due in 120 days are to be combined into a single payment to be made 120 days from today. What is that single payment if money is worth 9.00% p.a. and the agreed focal date is 120 days from today?

Debt payments of $800.00 due now and $1400.00 due in five months are to be repaid by a payment of $1000.00 in three months and a final payment in eight months. Calculate the size of the final payment if interest is 6%.

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.

You currently owe $1400 today and $2317 in 195 days at a rate of interest of 7%. What is the single equivalent payment 150 days from today?

In how many months will $5000 grow to $6000 at 9.5% p.a.?