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Exercises 1.3 29- I deposited $4,257.09 in a certifi cate of deposit, and 83 days later the value of my account had grown to $4,313.53.
If the interest was determined using bankers’ rule, what was the simple interest rate paid on my certifi cate? - Collamer Financial Corp received $26,653.18 in interest for a 200-day loan of $350,000. What was the simple interest
rate? - Dantae borrowed $4,000 for 15 months. The interest for this loan will come to a total of $806.25. Find the simple
interest rate.
C. Finding TimeAnswers should be expressed in an appropriate unit of time. Make sure to clearly state the unit of time that you are using in
your answer. When using days remember to assume the exact method unless stated otherwise.- Convert 0.84159 years into days.
- Find the term of a loan if the principal is $20,000, the interest rate is 8%, and the total interest is $320.
- Jennifer borrowed $7,000 at a simple interest rate of 9^7 / 8 %. She paid $590.88 simple interest for this loan. What was
the term of her loan? - NiftyTronic Corporation lent one of its suppliers $52,347.18 at a simple interest rate of 6.09%. When the supplier repaid
the loan, it paid a total of $53,675.50. How long did it take for the supplier to repay NiftyTronic? - Pat and Jordan put $11,935.42 into a bank account paying 2.18% simple interest. How long will it take for the account
value to grow to $12,000? - Tabitha earned $310 in interest for a $2,785 loan. The simple interest rate was 18.99%. What was the term of this
loan?
D. Grab Bag- Second Law Capital Ventures (SLCV) funded a start-up company with a loan of $2,857,000. Thirty months later, the
company repaid SLCV the principal together with interest of $612,826.50. What was the simple interest rate on this loan? - Trisha earned $20 interest on a 60 day loan of $500. What simple interest rate does this represent?
- Alexis borrowed $675 from Peter at 5^3 ⁄^4 % simple interest. They agreed to calculate the interest using bankers’ rule, and
also agreed that Alexis would repay the loan when her total debt had reached $700. How long will the loan run?