48 Chapter 1 Simple Interest
- Find the total interest due for an 8-month loan of $10,857 if the simple interest rate is 1¼% per month.
- My credit card statement says that the periodic simple interest rate for cash advances is 0.06575% per day. What is this
as an annual simple interest rate? - Express an annual simple interest rate of 19¾% as a rate per day.
E. Additional Exercises
- Property taxes in Camden County are due on October 15 of each year. Trent’s taxes on his body shop were $5,037.25.
If taxes are paid late, interest is charged at a simple interest rate of 1½% per month “or portion thereof.” How much
would Trent owe if he pays his taxes in full on December 17? - A loan of $475.19 was made on April 17, 2007, at a simple interest rate of 0.0475% per day. When the loan was
repaid, the total amount required to repay the loan was $499.57. Find the date on which this loan was repaid.