Find the interest paid on a loan of $1,200 for three years at a simple interest rate of 5% per year

INSTRUCTIONS TO CANDIDATES

ANSWER ALL QUESTIONS

Question 1 

Find the interest paid on a loan of $1,200 for three years at a simple interest rate of 5% per year.

How much money will you pay after three years?

Principal

Rate

Time

Simple Interest (SI)

Maturity Value

Question 2

Find the maturity value of a loan of $1,750 for 28 months at 9.8% simple interest per year.

Principal

Rate

Time -- Please make sure that the time periods for Time and Rate match.

Simple Interest (SI)

Maturity Value

Question 3

Find the simple interest rate of a loan of $5,000 that is made for three years and requires $1,762.50 in interest.

Principal

Time

SI

Rate

Question 4

A loan of $16,840 is borrowed at 9% simple interest and is

repaid with $4,167.90 interest. What is the duration of the loan?

Principal

Rate

SI

Time

Question 5

How much money is borrowed if the interest rate is 9.25% simple interest

and the loan is made for 3.5 years and has $904.88 interest?

SI

Rate

Time

Principal

Question 6

Find the ordinary and exact interest for a loan of $1000 at a 5% annual

interest rate. The loan was made on March 15 and is due May 15.

Loan date Loan date

Loan Due Date Loan Due Date

Exact time days Exact time days

Principal Principal

Rate       Rate

Time Time

Ordinary Simple Interest (SI) Exact Simple Interest (SI)

Question 7

Find the bank discount and proceeds using ordinary interest for a loan to Michelle Anders for $7,200

at 8.25% annual simple interest from August 8 to November 8.

Loan date

Loan Due Date

Exact time days

Face Value (F)

Discount Rate (D)

Time Period (T) years --> 'Convert Exact time in days to years

Bank Discount (B)

Proceeds (P)

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