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Exercises 1.5 47B. Converting Nonannual to Annual Rates- Express each of the following simple interest rates as a simple interest rate per year.
a. 0.075% per day
b. 0.075% per week
c. 0.075% per month- Express each of the following simple interest rates as a simple interest rate per year.
a. 0.01375% per day
b. 0.25% per month
c. 0.0825% per day
d. ½% per day
e. ½% per monthC. Converting Annual to Nonannual Rates- Express each of the following annual simple interest rates as a daily simple interest rate.
a. 3.65%
b. 15%
c. 182.5%- Express each of the following annual simple interest rate as (a) a daily simple interest rate and (b) a monthly simple
interest rate.
a. 9%
b. 13 ½%
c. 24%D. Grab Bag- Find the total interest due for a 45-day loan of $835.72 if the simple interest rate is 0.065% per day.
- Suppose that the annual simple interest rate for a credit card is 19.99%. (a) What is the simple interest rate per day?
(b) How much interest would be owed for one week in which the balance on the card was $1,555.93? - The monthly simple interest rate on a loan is 0.945%. How much interest would be payable for a 6-month loan for
which the principal is $13,546.75? What is the annual simple interest rate for this loan? - The Iowa Anvil Company charges a simple interest rate of 0.0575% per day for all late payments. A payment of $4,500
for a shipment was due on March 17. If payment is made on March 30, how much interest would be owed for this late
payment?