please answer all questions. 7. Solve the problem. Round rates to the nearest te
ID: 3120243 • Letter: P
Question
please answer all questions.
7. Solve the problem. Round rates to the nearest tenth of a percent, dollar amounts to the nearest cent, and time to the nearest day.
A note with a face value of $5200 was discounted at 7%. If the discount was $182, find the length of the loan in days.
180 days
210 days
150 days
183 yrs
8. Solve the problem. Round dollar amounts to the nearest cent. Use ordinary interest unless otherwise indicated.
Anita Tooms bought a new computer system. To pay for the system, she borrowed $5730 from the credit union at 8 4/5% interest for 115 days. Find the interest.
$161.08
$504.24
$158.87
$159.68
9. Find the compound interest earned. Round to the nearest cent. Do not use an interest table.
$13,000 at 10% compounded semiannually for 4 years
$6033.30
$5200.00
$6206.92
$14,866.65
10. Solve the problem.
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.)
6.88%
2.09%
5.58%
1.39%
180 days
210 days
150 days
183 yrs
Explanation / Answer
9.
This will be given by params ( since it' semianually):
r = 10/2 = 5%
t = 4*2 = 8
CI = P(1+.05)^8 - P
CI = 13000 (1.05^8 - 1)
CI = 6206.92
Answer is option C
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