MTH112HW1-Simple Imterest.docx - October University for...

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October University for Modern Sciences & Arts (MSA) Faculty of Management Sciences MTH112/HW#1 Name ________________________ID ______________ Class ___________________ HW#1: Simple Interest Goal : To solve problems involving simple interest (Unless otherwise noted, round monetary answers to the nearest dollar, percents to two decimal places when written as a percentage, and time to the nearest tenth of a year.) 1. If Mr. Xu borrows $3000 for 3 years from a bank that charges 2% annual simple interest, how much interest will he owe at the end of the three years? How much will Mr. Xu have to pay to the bank at the end of the three years? 2. Joe is borrowing $800 from his parents in order to finish paying his tuition bill. His parents agree to the loan if Joe will repay the money at the end of nine months. His parents will charge him 5% annual simple interest. How much interest will Joe owe his parents? How much will Joe have to pay his parents at the end of the nine months? 3. Find the amount needed to pay off a simple interest loan of $2000 at 10.5% for 3 years.
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