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1. On March 16, Juanita took out a loan for $1,200, at 11% ordinary interest, for 100 days. What is the maturity date of the loan?
1. On March 16, Juanita took out a loan for $1,200, at 11% ordinary interest, for 100 days. What is the maturity date of the loan? (Note: Do not abbreviate. Example: Enter 'February 8')
2. Maria borrowed $15,000 at 8% ordinary interest for 150 days. After 50 days, she made a partial payment of $2,000. After another 80 days, Maria made a second partial payment of $3,000. What is the final amount due on the loan?
3. What is the maturity date of a loan taken out on March 19, for 46 days? (Note: Do not abbreviate. Example: Enter 'February 8')
4. If you sign a discount note for $10,500 at a bank discount rate of 13%, for 18 months, what is the effective interest rate? Round your answer to the nearest tenth percent.
Do not enter the percent symbol in your answer.
5. Mountain Vineyards takes out a loan of $10,000, for 86 days. If the amount of interest is $117.81, use the exact interest method to find the rate. Round to the nearest tenth percent.
6. What is the effective interest rate of a simple discount note for $3,000 at a bank discount rate of 13%, for 24 months? Round your answer to the nearest tenth percent.
7. What is the time period of a loan for $3,000, at 8% exact interest if the amount of interest is $145.97? Round any fraction to the next higher day.
Enter a number only.
8. Suppose you take out a loan for $10,000, at 7% ordinary interest. If the amount of interest is $412.22, what is the time period? Round any fraction to the next higher day.
Enter a number only.
9. If you purchase $60,000 in U.S. Treasury Bills with a discount rate of 4.7% for a period of 13 weeks, what is the effective interest rate?
