Exam 7: Simple Interest

On June 12,2013,Frank James opened a low interest line of credit at his bank,with interest at 4.5% p.a.He used this line of credit immediately to pay $5300 of the tuition fee.On what date did Frank James honour the line of credit if he ended up paying $186.20 in interest?

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.

Compute the amount of interest on $250.00 at 8.25% p.a.from March 30,2014 to October 28,2014.

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

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

Debt payments of $2130.00 and $1794.00 are due five months from now and nine months from now respectively.What single payment is required to pay off the debt today if interest is 6.36%?

Debt payments of $1925.00 due today,$510.00 due in 87 days,and $674.00 due in 337 days are to be combined into a single payment to be made 115 days from now.What is that single payment if money is worth 8.65% p.a.and the agreed focal date is 115 days from now?

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%.

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?

On April 24,2012,Rebecca purchased a government-guaranteed short-term investment maturing on July 5,2012.How much did Rebecca pay for the investment if she will receive $6000 on the maturity date and interest is 2.75%?

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

Principal of $259 000 on a house is mortgaged at a rate of 3.7% amortized over a period of 25 years resulting into a total interest of $137 178.49.The bank also offers simple interest for the customers,who do not want to pay compound interest.If bank wishes to earn the same amount of interest over the period of 25 years,what rate will the bank charge to its customers,if the loan is paid in equal annual installments?

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

If a 6 month term deposit at a bank pays a simple interest of 3%,how much will have to be deposited to earn $18 000?

The exact number of days between January 5 and March 17 during the next leap year is?

Compute the amount of interest for $500.00 at 8.75% from June 30 to December 31.

John buys a car for $20 000 on Kia finance with a simple interest of 5.99%.After one month he pays off the Kia finance using his secured line of credit which charges him 4% simple interest.He pays off the line of credit in 11 months.How much did he pay in total?

Find the present value of a debt of $760.00 ninety-five days before it is due if money is worth 6.25%.

What principal will earn $219.89 interest at 11.25% p.a.from November 16,2013 to February 7,2014?

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