Simple_Interest_Practice_Exercises

Simple_Interest_Practice_Exercises - the end of the term?...

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SILABO – GERENCIA EMPRESARIAL Universidad Iberoamericana UNIBE Note: Answer is shown in blue color 1. Adrian borrowed $2,000 and paid back a total of $2,125. How much interest did he pay? $125 2. Sarah loaned Andrew $12,375 for 6 months. Andrew paid back $12,500. How much interest did he pay? $125 3. Kelli loaned Kerri $785.82, and 2 years later Kerri will pay back $854.29. How much total interest will Kelli receive? $68.47 4. Samir borrowed $7,829.14 for 1 year at a simple interest rate of 9 ¾% per annum. How much will he need to repay the loan? $8,592.48 5. Larissa has opened a CD at Broke Federal Bank by depositing $27,392.04. The term of the CD is 4 years, and it pays 5.44% simple interest. How much will she have in this account at
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Unformatted text preview: the end of the term? $33,352.55 6. Christopher loaned his friend Evan $750 on March 17, 2006. Evan signed a note, agreeing to pay the loan back (with interest) on December 31, 2006. Find the term of the note. 289 days Page 1 of 2 FINANCIAL MATHEMATICS SIMPLE INTEREST PRACTICE EXERCISES 7. Serena signed a promissory note on April 1, 2004. The maturity date was June 19, 2004. How many days did she have from when she borrowed the money until she had to repay the loan? 79 days 8. A certificate of deposit dated June 5, 2009, matures on September 15, 2009. The face value is $10,000 and the simple interest rate is 8%. Find the maturity value of the certificate. $10,223.56 Page 2 of 2...
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Simple_Interest_Practice_Exercises - the end of the term?...

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