Practice Quiz Week 5 Qrb 501

1. find the interest paid on a loan of $2100 for two years at a simple interest rate of 12% per year.

The interest on a loan is $504.00

2. Find the maturity value of a loan of $2300.00 after three years. The loan carries a simple interest rate of 7.3% per year.

The maturity value of a loan is $2803.70

3. Convert two years, expressed in decimal form to the nearest hundredth. Five months.

Five months = .42 year

4. A man needed money to buy lawn equipment. He borrowed $800.00 for five months and paid $53.97 in interest. What was the rate of interest?

The rate of interest per year was 16.2%

5. Find the exact interest on a loan of $32,600 at 8% annually for 30 days.

$214.36

6. A loan made on March 13 is due September 10 of the following year. Find the exact time for the loan in a non-leap year and a leap year.

The exact time in a non-leap year is 546 days

the exact time in a leap year is 547 days

7. A loan is made on March 20 for 181 days. Find the due date.

September 17

8. A loan for $2000 with a simple annual interest rate of 15% was made on June 18 and was due on August 18. Find the exact interest.

The exact interest is $50.14

9. Find the adjusted balance due at maturity for a 90 day note of $18,000 at 13.8% ordinary interest is a partial payment of $4000 is made on the 60th day of the loan.

The adjusted balance due at maturity is $14,579.76

10. Raul Fletes borrowed $9000 on a 150 day note that required ordinary interest at 11.45%. Raul paid $4500 on the note on the 50th day. How much interest did he save by making the partial payment?

The interest saved is $138.57

11. A man makes a simple discount note with a face value of $2400, a term of 160 days, and a 9% discount rate. Find the discount.

The discount is $96.00

12. A man has a simple discount note for $6300, at an ordinary bank discount rate of 8.84%, for 50 days. What is the effective interest rate? Round to the nearest 10th of a percent.

The...