42 Chapter 1 Simple Interest
- On December 21, 2007, I signed up for a 100-day trial membership to a wholesale buying club. On what date did my
trial membership expire? - Find the maturity date for a 110-day note signed on March 23, 2008.
H. Grab Bag
- Find the maturity value for this promissory note:
Promissory Note
Dated October 10, 2006
Truly Trustworthy Property Management Corp hereby
acknowledges a loan of $145,000 from Fairhaven First Financial
Funding. The loan, together with simple interest calculated at a
rate of 8.95%, will be repaid on March 15, 2007.- A note dated May 19, 2007, has a maturity date of July 11, 2008. Find the term of this note.
- On April 16 Todd loaned Beth $580 for 100 days at 6.85% simple interest. Find the maturity value and maturity date of
this loan. - Find the maturity date for a 250-day note signed on February 27, 2008.
- Portable Potables Beverages signed a 200-day note that comes due on May 16, 2010. On what date was the note
signed? - If you sign a promissory note on March 15 that comes due on October 5, what is the term of the note?
- Gene and Dean’s Clean Green and Pristine Landscaping Service borrowed $2,500 by signing a 13.5% simple interest
note on February 8, 2007. The note’s maturity date was August 25, 2007. What is the total interest for the loan? - A certifi cate of deposit was opened on November 30, 2005, and comes due on April 18, 2007. Find its term.
- A note signed on October 15, 2009, has a term of 700 days. What is this note’s maturity date?