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- Carl loaned Jerry $500 on February 12, 2008, and Jerry repaid a total of $515.93 on July 15, 2008. Find the simple
interest rate for this loan. - Find the maturity value of this promissory note:
Promissory Note
Today, July 30, 2007, I, Erwin Addison, acknowledge a loan of
$25,000 made to me by the Fourth National Bank of Portville,
and agree to repay this loan on September 19, 2007, together
with simple interest calculated at a rate of 9% per annum.- According to doomsayers, the ancient Mayan calendar terminates on December 21, 2012, and therefore the world will
end on that date. How many more days do we have left? - Andriy deposited $4,500 in a 1-year CD paying 6.15% simple interest. How much interest will he earn?
- Calculate the simple interest on an $80,000 loan for 210 days at a simple interest rate of 12.285%. Assume that
bankers’ rule is being used. - A small business owner borrowed $19,275.13 and paid $21,045.61 to settle the debt. How much total interest did she pay?
- The Tilsonboro Savings Bank pays 5.38% simple interest on 6-month certifi cates of deposit. If you deposit $12,500 in
such a CD, how much will it be worth when it matures? - A roofi ng contractor took out a short-term loan for $15,000 to pay for materials. The simple interest rate was 8% per
annum, and the term was 21 days. Find the total interest paid. - Your mobile phone statement shows a balance of $178.59 and the payment is due on April 20. The statement says that
payments received more than 15 days late will be charged a $20 late payment fee. By what date must you pay your
balance to avoid the fee? - Ralyd Pharmaceuticals’ patent on its top-selling drug expires on May 15, 2009. How many days of this patent were left
on November 8, 2006? - Determine the total amount required to repay a $5,000, 3-year loan if the simple interest rate is 10.3% per annum.
- Find the total interest for a 15-month loan of $98,359.25 if the simple interest rate is 5.05%.
Chapter 1 Exercises 53