Reference no: EM133190079

PART: COMPOUND INTEREST

1) A loan of $9000.00 was repaid together with interest of $3728.00. If interest was 9.4% compounded quarterly, how long was the loan taken out? (Give answer in years and months to the nearest tenth.)

2) Calculate the number of years for money to triple at 3.6% p.a. compounded monthly.

3) In how many days will $770.00 grow to $880.00 at 11.5% p.a. compounded monthly?

4) A loan of $4500.00 was repaid together with interest of $1164.00. If interest was 12 .4% compounded quarterly, for how many months was the loan taken out?

5) A 11-year $8000.00 promissory note, with interest at 8.4% compounded monthly, is discounted at 6.5% compounded semi-annually yielding proceeds of $14 631.15. How many months before the due date was the date of discount?

6) In how many months will money double at 7.45% compounded semi-annually?

7) In how many years will money double at 6.62% compounded semi-annually?

8) A five-year, $2000.00 note bearing interest at 10% compounded annually was discounted at 12% compounded semi-annually yielding proceeds of $1900.00. How many months before the due date was the discount date?

9) In how many years will money triple at 12% compounded semi-annually?

10) A promissory note for $3600.00 dated May 15, 2012, requires an interest payment of $370.00 at maturity. If interest is at 9.6% compounded monthly, determine the due date of the note