1)Starting with $2,000 on March 3, you deposit $500 23 days from March 3, withdraw $800 69 days from March 3, and deposit $600 121 days from March 3. If your final balance is $2,458 150 days from March 3, what is the simple interest rate for your account? Use the Bankerâ??s rule.
2)You borrow $5,000 at a simple 15% interest rate from your friend for 18 months in order to purchase new furniture and sign on a promissory note on your borrowing. 5 months later, your friend sells the promissory note to a bank that charges a 20% discount rate (Bank discount). How much would your friend receive from the sale of the promissory note?
3)You are supposed to make three payments, $550 in 4 months, $780 in 11 months, and $300 in 20 months. If you want to discharge your debt in 15 months with a single payment and the interest rate is 9% compounded monthly, what would the single payment be?