Question 1

A florist borrowed money to buy a large quantity of new imported floral art products to sell in her shop. If it cost her $393.60 to borrow the money for 146 days at 12% exact simple interest (365-day year), what was the amount borrowed?

Accepted Answer

The answer of A florist borrowed money to buy a...

Question 2

Andrew Merrill, owns a mobile sandwich and pretzel stand. Andrew borrows $5,200 for 135 days at 9% ordinary simple interest. What total will Andrew need to repay for both interest and principal? (Use a 360-day year.)

Accepted Answer

The answer of Andrew Merrill, owns a mobile sandwich and...

Question 3

Barbara Evanston, a novelty shop owner, can save $500 by purchasing merchandise now instead of waiting for two months. However, she will have to borrow $3,200 for 60 days and will have to pay 8.5% exact simple interest. How much will Barbara have to pay in interest to borrow the money? (Use a 365-day year.)

Accepted Answer

The answer of Barbara Evanston, a novelty shop owner, can...

Question 4

Shane Morita opened a pet store near a school, hoping that children would see the pets in the window as they walked home. Almost immediately he needed to borrow money to maintain the pets. He got a 90-day loan for $5,600 at 9.3% exact simple interest. Compute the amount of Shane's total obligation in 90 days. (Use a 365-day year.)

Accepted Answer

The answer of Shane Morita opened a pet store near...

Question 5

Compute the exact interest (365-day year) and the total amount of the loan for the following problems. Round answers to the nearest cent.​
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Accepted Answer

The answer of Compute the exact interest (365-day year) and...

Question 6

Franklin Woo loaned money to his daughter, LeAnn, to help her purchase a car. The loan was for two years at 3.5% exact simple interest (365-day year). When LeAnn repaid the loan after two years, the interest amounted to $385. Compute the amount that Franklin had originally loaned to her.

Accepted Answer

The answer of Franklin Woo loaned money to his daughter,...

Question 7

Compute (a) the ordinary interest, (b) the exact interest and (c) their difference. Round answers to the nearest cent.​
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Accepted Answer

The answer of Compute (a) the ordinary interest, (b) the...

Question 8

Edison Automotive Machining Company needs to borrow money to repair a broken milling machine. The company can borrow $80,000 for 300 days at 7% exact simple interest. Compute the total amount that Edison will need to repay. (Use a 365-day year.)

Accepted Answer

The answer of Edison Automotive Machining Company needs to borrow...

Question 9

In each problem, (1) compute the actual exact interest (365-day year) and (2) estimate the interest by rounding the principal to the nearest hundred dollars. For each estimate, assume that a year has 360 days and use the given suggestion to create a shortcut.​
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Accepted Answer

The answer of In each problem, (1) compute the actual...

Question 10

David Riley owns a five-year-old computer game business. Because of slack business, David needs to borrow $25,000. Compute the interest fee if David gets the loan for 120 days at 12% ordinary simple interest. (Use a 360-day year.)

Accepted Answer

The answer of David Riley owns a five-year-old computer game...

Question 11

Compute the simple interest. If the time is given in months, let one month be 1/12 of a year. Round answers to the nearest cent.​
​

Accepted Answer

The answer of Compute the simple interest. If the time...

Question 12

Compute the ordinary interest (360-day year) and the total amount of the loan in the following problems. Round answers to the nearest cent.
​

Accepted Answer

The answer of Compute the ordinary interest (360-day year) and...

Question 13

In each problem, (1) compute the actual exact interest (365-day year) and (2) estimate the interest by rounding the principal to the nearest hundred dollars. For each estimate, assume that a year has 360 days and use the given suggestion to create a shortcut. Round answers to the nearest cent.​
​

Accepted Answer

The answer of In each problem, (1) compute the actual...

Question 14

Nina Lopez calls a finance company to investigate borrowing $2,700 for 60 days. Nina qualifies for a loan at 9.75% exact simple interest (365-day year). If she accepts the loan, compute the total amount that Nina will have to repay.

Accepted Answer

The answer of Nina Lopez calls a finance company to...

Question 15

Deanna and her sister Molly borrowed $1,600 from their mother. Their mother only charged 3% ordinary simple interest and the loan was for two years. Compute the total interest and principal that the sisters need to repay their mother. (Use a 360-day year.)

Accepted Answer

The answer of Deanna and her sister Molly borrowed $1,600...

Question 16

Jorge Garcia was to lend $5,250 to his cousin at 3% ordinary simple interest for 240 days. If the cousin repays everything as agreed upon, what total will Jorge receive? (Use a 360-day year.)

Accepted Answer

The answer of Jorge Garcia was to lend $5,250 to...

Question 17

Cortez Sheet Metal borrowed $12,250 to make its quarterly payroll tax payment to the government. The loan was for 45 days at a 8% exact simple interest rate. Compute the amount of interest that it paid for this loan. (Use a 365-day year.)

Accepted Answer

The answer of Cortez Sheet Metal borrowed $12,250 to make...

Question 18

The main refrigerator at Parkside Grille Restaurant had a serious malfunction. Laura Casper, the owner/chef, found a very nice used replacement refrigerator, but she needed $4,500 additional cash immediately. She took out a 75-day loan at 7.5% exact simple interest. Compute the total, interest, and principal that Laura must pay for this loan. (Use a 365-day year.)

Accepted Answer

The answer of The main refrigerator at Parkside Grille Restaurant...

Question 19

Compute the exact interest (365-day year) and the total amount of the loan for the following problems. Round answers to the nearest cent.​
​

Accepted Answer

The answer of Compute the exact interest (365-day year) and...

Question 20

Compute the simple interest. If the time is given in months, let one month be 1/12 of a year. Round answers to the nearest cent.​
​

Accepted Answer

The answer of Compute the simple interest. If the time...

Exam 13: Simple Interest

A florist borrowed money to buy a large quantity of new imported floral art products to sell in her shop. If it cost her $393.60 to borrow the money for 146 days at 12% exact simple interest (365-day year), what was the amount borrowed?

Andrew Merrill, owns a mobile sandwich and pretzel stand. Andrew borrows $5,200 for 135 days at 9% ordinary simple interest. What total will Andrew need to repay for both interest and principal? (Use a 360-day year.)

Compute the exact interest (365-day year) and the total amount of the loan for the following problems. Round answers to the nearest cent.​ ​

Franklin Woo loaned money to his daughter, LeAnn, to help her purchase a car. The loan was for two years at 3.5% exact simple interest (365-day year). When LeAnn repaid the loan after two years, the interest amounted to $385. Compute the amount that Franklin had originally loaned to her.

Compute (a) the ordinary interest, (b) the exact interest and (c) their difference. Round answers to the nearest cent.​ ​

Edison Automotive Machining Company needs to borrow money to repair a broken milling machine. The company can borrow $80,000 for 300 days at 7% exact simple interest. Compute the total amount that Edison will need to repay. (Use a 365-day year.)

In each problem, (1) compute the actual exact interest (365-day year) and (2) estimate the interest by rounding the principal to the nearest hundred dollars. For each estimate, assume that a year has 360 days and use the given suggestion to create a shortcut.​ ​

David Riley owns a five-year-old computer game business. Because of slack business, David needs to borrow $25,000. Compute the interest fee if David gets the loan for 120 days at 12% ordinary simple interest. (Use a 360-day year.)

Compute the simple interest. If the time is given in months, let one month be 1/12 of a year. Round answers to the nearest cent.​ ​

Compute the ordinary interest (360-day year) and the total amount of the loan in the following problems. Round answers to the nearest cent. ​

Nina Lopez calls a finance company to investigate borrowing $2,700 for 60 days. Nina qualifies for a loan at 9.75% exact simple interest (365-day year). If she accepts the loan, compute the total amount that Nina will have to repay.

Deanna and her sister Molly borrowed $1,600 from their mother. Their mother only charged 3% ordinary simple interest and the loan was for two years. Compute the total interest and principal that the sisters need to repay their mother. (Use a 360-day year.)

Jorge Garcia was to lend $5,250 to his cousin at 3% ordinary simple interest for 240 days. If the cousin repays everything as agreed upon, what total will Jorge receive? (Use a 360-day year.)

Cortez Sheet Metal borrowed $12,250 to make its quarterly payroll tax payment to the government. The loan was for 45 days at a 8% exact simple interest rate. Compute the amount of interest that it paid for this loan. (Use a 365-day year.)

Compute the exact interest (365-day year) and the total amount of the loan for the following problems. Round answers to the nearest cent.​ ​

Compute the simple interest. If the time is given in months, let one month be 1/12 of a year. Round answers to the nearest cent.​ ​

Compute the exact interest (365-day year) and the total amount of the loan for the following problems. Round answers to the nearest cent.

Compute (a) the ordinary interest, (b) the exact interest and (c) their difference. Round answers to the nearest cent.

In each problem, (1) compute the actual exact interest (365-day year) and (2) estimate the interest by rounding the principal to the nearest hundred dollars. For each estimate, assume that a year has 360 days and use the given suggestion to create a shortcut.

Compute the simple interest. If the time is given in months, let one month be 1/12 of a year. Round answers to the nearest cent.

Compute the ordinary interest (360-day year) and the total amount of the loan in the following problems. Round answers to the nearest cent.

Compute the exact interest (365-day year) and the total amount of the loan for the following problems. Round answers to the nearest cent.

Compute the simple interest. If the time is given in months, let one month be 1/12 of a year. Round answers to the nearest cent.