Questions -
1) Find the amount of simple interest I would pay on a loan of $6,953.22 for 673 days at 6 5/8% simple interest.
2) John has borrowed $13,750 for 150 days at 10.2% simple interest. Interest will be calculated using bankers rule. Find the total amount he will need to repay the loan
3) Tessa borrowed $19,540. 7 months later she paid off the loan, paying a total of $20,635. What simple interest rate did she pay?
4) Suppose that on July 13, 2011 I deposited $5,000 in a CD which matured on September 8, 2013. The simple interest rate was 4.25%. What was my account value at maturity?
5) On February 17, 2012, Alison borrowed $5,200 from Canandaigua International Bank at 10.99% simple interest. (NOTE: 2012 was a leap year) At maturity, she will repay a total of $5,482.86. a) Find the term of the note (in days). b) On what date will the note mature?