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Exercises 1.4 41F. Finding and Using TermsIn each of the following exercises, the term can be found by using the given dates.- A certifi cate 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 certifi cate. - If you borrow $1,200 at 9% simple interest on February 28, 2007, and the loan is to be repaid on July 1, 2007, how
much interest will you pay? - Taylor loaned Miranda $400 on November 7, 2001, which she repaid on April 19, 2002, together with $25 in interest.
Find (a) the term and (b) the simple interest rate. - Hayward College signed a note on June 30, 2002, with a face value of $125,000. The maturity date of the note was
March 15, 2003, and the maturity value was $131,450. Find the simple interest rate paid by the college.
In each of the following exercises, the term can be found by solving I = PRT.- Bellford Construction signed a note on March 9, 2005. The loan’s principal was $12,000, the simple interest rate was
10%, and the note’s maturity value was $12,500. What was the note’s maturity date? - I deposited $1,500 in a certifi cate of deposit at my local bank on September 30, 2005. The account has a simple
interest rate of 4¾%, and the maturity value of the CD is $1,580. When does the CD mature?
G. Finding Terms, Dates, and Maturity Dates with Leap Years- Anand signed a note on February 7, 2004. The maturity date was July 5, 2004. Find the term.
- A note dated January 19, 2008, comes due on November 3, 2008. Find the term.
- On July 7, 2008, the Arkport Aircompressor Company signed a short-term note with an August 21, 2008, due date.
Find the term. - A note dated January 3, 2004, came due on February 27, 2004. Find the term.
- A 150-day note comes due on July 9, 2008. On what date was the note signed?
- If you take out a 210-day loan on February 6, 2012, when will the note come due?