Find the amount by which the ordinary interest is larger than the exact interest. Round to the nearest cent.
67)
$49,100 at 95
8% for 204 days
67)
A)
$0.18
B)
$36.69
C)
$47.19
D)
$27.19
Find principal to the nearest dollar, rate to the nearest tenth of a percent, or time to the nearest day. Use banker’s interest.
68)
Web’s Pancake House earned $600 interest in 240 days from an investment that paid 3.5%. Find the
amount initially invested.
68)
A)
$12,857
B)
$17,143
C)
$25,714
D)
$26,071
Solve the problem.
69)
Jerry Jones buys a $110,000 T–bill at a 6.9% discount for 28 weeks. Find the interest earned on the
T–bill. (Assume 52 weeks per year.)
69)
A)
$2043.46
B)
$4495.62
C)
$4086.92
D)
$8173.85
The simple interest note was discounted at 15%. Find the discount period in days and the proceeds.
70)
Loan made: Oct 13
Face value: $18,500
Length of loan: 100 days
Rate: 10%
Date of discount: Jan 4
70)
A)
17 days, $18,879.21
B)
17 days, $18,365.32
C)
18 days, $18,404.93
D)
18 days, $18,918.82
Find the maturity value of the simple interest note.
71)
Face Value: $3624
Length of Loan: 294 days
Rate: 10 1
2%
71)
A)
$3939.13
B)
$3943.64
C)
$3930.50
D)
$3934.76
Find the exact number of days from the first date to the second. Assume that the second month is in the following year,
and assume no leap years.
72)
April 20 to February 14
72)
A)
299 days
B)
301 days
C)
278 days
D)
300 days
73)
August 10 to April 10
73)
A)
243 days
B)
274 days
C)
242 days
D)
143 days
Find the date due and the maturity value.
74)
Date Loan Was Made Face Value Term of Loan Rate
April 8 $2196 128 days 9.5%
74)
A)
Date Due: Aug 14
Maturity value: $2272.86
B)
Date Due: Aug 18
Maturity value: $2290.43
C)
Date due: Aug 14
Maturity value: $2270.18
D)
Date Due: Aug 18
Maturity value: $2404.62
First, find the initial proceeds of the simple discount note. Then, find the discount period, the discount, and proceeds
after discounting.
75)
Date Loan Was Made: Jan. 19
Maturity Value: $9000
Length of Loan: 90 days
Rate: 10%
Date of Discount: Mar. 9
Discount %: 9%
75)
A)
Initial Proceeds: $8775.00;
Discount Period: 41 days;
Discount: $92.25;
Proceeds After Discount: $8907.75
B)
Initial Proceeds: $8775.00;
Discount Period: 41 days;
Discount: $92.25;
Proceeds After Discount: $17,907.75
C)
Initial Proceeds: $8775.00;
Discount Period: 41 days;
Discount: $184.50;
Proceeds After Discount: $17,907.75
D)
Initial Proceeds: $8775.00;
Discount Period: 60 days;
Discount: $184.50;
Proceeds After Discount: $8840.25
Find the interest and maturity value for the loan. Round to the nearest cent.
76)
$49,583 at 8.3% for 21 months
76)
A)
$7544.88; $57,127.88
B)
$7262.45; $56,845.45
C)
$6858.98; $56,441.98
D)
$7201.93; $56,784.93
The simple interest note was discounted at 15%. Find the discount period in days and the proceeds.
77)
Loan made: Oct 13
Face value: $56,000
Length of loan: 100 days
Rate: 11%
Date of discount: Jan 4
77)
A)
18 days, $55,682.59
B)
17 days, $55,591.21
C)
17 days, $57,302.32
D)
18 days, $57,393.70
Find the proceeds to the nearest cent when the following is discounted.
78)
Maturity value: $6000
Discount period: 120 days
Discount rate: 8.5%
78)
A)
$5832.33
B)
$5830.00
C)
$5590.00
D)
$5490.00
Solve the problem.
79)
Tech Support Associates accepts a $6000, 8%, 240–day note for service equipment. The note is dated
Sep 10. On Oct 22 the firm discounts the note at a bank, at a 10% discount rate. Find the proceeds.
79)
A)
$6041.92
B)
$5972.40
C)
$5919.48
D)
$5970.64
Find the date due and the maturity value.
80)
Date Loan Was Made Face Value Term of Loan Rate
November 29 $18,585 55 days 10 1
8%
80)
A)
Date due: January 23
Maturity value: $18,872.49
B)
Date Due: January 22
Maturity value: $20,466.73
C)
Date Due: January 23
Maturity value: $19,161.14
D)
Date Due: January 22
Maturity value: $19,012.46
Find the maturity date and proceeds. Round to the nearest cent.
81)
Face value: $5515
Discount rate: 12%
Date made: June 19
Time: 90 days
Maturity date: ?
Proceeds: ?
81)
A)
Maturity date: September 17
Proceeds: $5349.55
B)
Maturity date: September 19
Proceeds: $5349.55
C)
Maturity date: September 19
Proceeds: $3883.16
D)
Maturity date: September 17
Proceeds: $3883.16
Find the time (in days). Round to the nearest day.
82)
Principal: $15,000
Rate: 9.5%
Interest: $831.25
82)
A)
210 days
B)
58 days
C)
315 days
D)
213 days
Solve the problem.
83)
Robert Amberson buys a $80,000 T–bill at a 5.5% discount for 13 weeks. Find the effective interest
rate. (Assume 52 weeks per year.)
83)
A)
5.58%
B)
1.39%
C)
6.88%
D)
2.09%
Find the interest and maturity value for the loan. Round to the nearest cent.
84)
$3459 at 11% for 2.6 years
84)
A)
$520.67; $3979.67
B)
$989.27; $4448.27
C)
$1369.76; $4828.76
D)
$951.23; $4410.23
Find the maturity date and proceeds. Round to the nearest cent.
85)
Face value: $6400
Discount rate: 8%
Date made: May 30
Time: 90 days
Maturity date: ?
Proceeds: ?
85)
A)
Maturity date: August 30
Proceeds: $6272.00
B)
Maturity date: August 28
Proceeds: $6272.00
C)
Maturity date: August 28
Proceeds: $6528.00
D)
Maturity date: August 30
Proceeds: $6528.00
Solve the problem.
86)
An investor buys a $80,000 T–bill at a 5.5% discount for 26 weeks. Find the effective interest rate.
(Assume 52 weeks per year.)
86)
A)
8.25%
B)
2.83%
C)
4.25%
D)
5.66%
Find the discount period.
87)
Loan made: April 24
Length of loan: 180 days
Date of discount: July 18
87)
A)
84 days
B)
85 days
C)
96 days
D)
95 days
Find the proceeds to the nearest cent when the following is discounted.
88)
Maturity value: $19,000
Discount period: 30 days
Discount rate: 10.1%
88)
A)
$17,081.00
B)
$18,842.27
C)
$18,840.08
D)
$17,181.00
Find the rate. Round to the nearest tenth of a percent.
89)
Principal: $5500
Time: 120 days
Interest: $174.17
89)
A)
9.5%
B)
3.2%
C)
9.6%
D)
6.4%
Find the amount by which the ordinary interest is larger than the exact interest. Round to the nearest cent.
90)
$19,700 at 10% for 140 days
90)
A)
$8.99
B)
$766.11
C)
$10.49
D)
$11.99
Find the principal. Round to the nearest cent.
91)
Rate: 10%
Time: 27 months
Interest: $1674.61
91)
A)
$7442.71
B)
$167,461.00
C)
$7492.71
D)
$744.27
Solve the problem.
92)
Randy Hunter buys a $70,000 T–bill at a 6.6% discount for 28 weeks. Find the interest earned on the
T–bill. (Assume 52 weeks per year.)
92)
A)
$1243.85
B)
$4975.38
C)
$2736.46
D)
$2487.69
Find the exact interest to the nearest cent.
93)
$3900 at 10% for 79 days
93)
A)
$8.56
B)
$84.41
C)
$85.58
D)
$8.44
The simple interest note was discounted at 15%. Find the discount period in days and the proceeds.
94)
Loan made: Apr 13
Face value: $700
Length of loan: 150 days
Rate: 11%
Date of discount: June 13
94)
A)
90 days, $679.87
B)
89 days, $672.85
C)
89 days, $704.93
D)
90 days, $711.95
Find the rate. Round to the nearest tenth of a percent.
95)
Principal: $1295
Time: 18 days
Interest: $7.71
95)
A)
6.0%
B)
11.9%
C)
12.1%
D)
10.8%
Find the discount and proceeds on the simple discount note.
96)
Face value: $69,600.00
Discount rate: 8.75%
Time (days): 250
96)
A)
Discount: $0.00
Proceeds: $69,600.00
B)
Discount: $4229.17
Proceeds: $65,370.83
C)
Discount: $6090.00
Proceeds: $63,510.00
D)
Discount: $4171.23
Proceeds: $65,428.77
Find the proceeds to the nearest cent when the following is discounted.
97)
Maturity value: $73,300
Discount period: 92 days
Discount rate: 10%
97)
A)
$71,452.44
B)
$65,970.00
C)
$66,070.00
D)
$71,426.78
Solve the problem. Round rates to the nearest tenth of a percent, dollar amounts to the nearest cent, and time to the
nearest day.
98)
A $5000 note is signed, for 240 days, at a discount rate of 9%. Find the proceeds.
98)
A)
$4704.11
B)
$4700.00
C)
$5000.00
D)
$4550.00
Answer the question about the promissory note given.
99)
— — — — — — — — Promissory Note————————
March 12
Ninety days after date above, I promise to pay to the order of Thomas Ronney $840 dollars and no
cents with interest at 12% per year, payable at Nations Bank Abercorn Branch.
Due: June 10 Signed: Fred Nester
————————————————————–
Who is the payer of the note?
99)
A)
Fred Nester
B)
Nations Bank Abercorn Branch
C)
Not given
D)
Thomas Ronney
Find the proceeds to the nearest cent when the following is discounted.
100)
Maturity value: $91,560
Discount period: 120 days
Discount rate: 9%
100)
A)
$83,419.60
B)
$88,850.83
C)
$88,813.20
D)
$83,319.60
Solve the problem.
101)
A holder of a $48,900, 8%, 150–day note dated June 1 decides to sell the note at a discount. The note
is sold on July 15 at a discount of 11%. Find the proceeds.
101)
A)
$49,339.74
B)
$48,877.95
C)
$48,430.74
D)
$48,893.39
Find the ordinary interest to the nearest cent.
102)
$28,000 at 83
5% for 79 days
102)
A)
$2408.00
B)
$528.42
C)
$521.73
D)
$28,528.42
Solve the problem. Round dollar amounts to the nearest cent. Use ordinary interest unless otherwise indicated.
103)
Frank borrowed $56,443 from the bank at 8.6% for 360 days to expand his bike shop. Find the
maturity value.
103)
A)
$61,297.10
B)
$61,363.59
C)
$61,365.47
D)
$61,097.61
Find principal to the nearest dollar, rate to the nearest tenth of a percent, or time to the nearest day. Use banker’s interest.
104)
The New England Trader earned $213.33 interest in 120 days from an investment that paid 4%.
Find the amount initially invested.
104)
A)
$162,220
B)
$5333
C)
$8000
D)
$16,000
Find the time (in days). Round to the nearest day.
105)
Principal: $2000
Rate: 12%
Interest: $120
105)
A)
270 days
B)
180 days
C)
183 days
D)
50 days
Find the principal. Round to the nearest cent.
106)
Rate: 10%
Time: 60 days
Interest: $69.25
106)
A)
$4155.00
B)
$6925.00
C)
$4205.00
D)
$415.50
Solve the problem.
107)
Twin City Freezer accepts a note with face value of $5290 on June 6. The note is for 180 days at 8%
interest. The note is discounted on July 30 at 9%. Find the proceeds.
107)
A)
$5266.82
B)
$5347.56
C)
$5326.92
D)
$5328.30
The simple interest note was discounted at 15%. Find the discount period in days and the proceeds.
108)
Loan made: Jan 2
Face value: $11,000
Length of loan: 120 days
Rate: 11%
Date of discount: Mar 2
108)
A)
60 days, $11,194.27
B)
61 days, $10,710.17
C)
61 days, $10,790.94
D)
61 days, $11,113.50
Find the rate. Round to the nearest tenth of a percent.
109)
Principal: $26,000
Time: 60 days
Interest: $459
109)
A)
18.0%
B)
10.6%
C)
10.7%
D)
1.8%
Solve the problem. Round dollar amounts to the nearest cent. Use ordinary interest unless otherwise indicated.
110)
On October 13, Marge Smith paid a state income tax payment, which was due on June 30. The
penalty was 8% simple interest on her unpaid tax of $885. Find the penalty using exact interest.
110)
A)
$20.65
B)
$20.37
C)
$20.56
D)
$19.98
Find the exact number of days from the first date to the second. Assume that the second month is in the following year,
and assume no leap years.
111)
September 30 to March 23
111)
A)
144 days
B)
173 days
C)
178 days
D)
174 days
Solve the problem. Round dollar amounts to the nearest cent. Use ordinary interest unless otherwise indicated.
112)
Bob’s BBQ signed a note with a face value of $19,800.00 on September 11. The note is for 90 days
and carries an interest rate of 8%. Find the due date and the maturity value of the note.
112)
A)
December 10, $20,196.00
B)
December 11, $20,328.00
C)
December 12, $19,800.00
D)
December 11, $21,384.00
Find the maturity value of the simple interest note.
113)
Face Value: $25,386
Length of Loan: 223 days
Rate: 10%
113)
A)
$26,930.03
B)
$26,980.67
C)
$26,958.52
D)
$26,943.94
Solve the problem. Round dollar amounts to the nearest cent. Use ordinary interest unless otherwise indicated.
114)
North Central Sales bought a new computer system. To pay for the system, they borrowed $50,450
from the bank at 82
3% interest for 165 days. Find the interest.
114)
A)
$4372.33
B)
$1976.53
C)
$2003.99
D)
$1991.84
Answer Key
Testname: C9
Answer Key
Testname: C9
Answer Key
Testname: C9