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1) Jo borrowed ?$7,600
For 4 months from a bank. The bank discounted the loan at 5.5 %
a. How much interest did Jo pay the bank for the use of its? money?
b. How much did he receive from the? bank?
c. What was the actual rate of interest he? paid?
2) Determine the exact time from the first date to the second date. Assume the year is not a leap year.
March 8 to November 14
3) Determine the simple interest.? (The rate is an annual rate unless otherwise stated. Assume 360 days in one? year.)
p=?$850 r=6.7% t=60 days
4) A partial payment is made on the date indicated. Use the United States rule to determine the balance due on the note at the date of maturity.? (The Effective Date is the date the note was? written.) Assume the year is not a leap year.
Principle: $4000
Rate: 4%
Effective date:April 1st
Partial payment: Amount $1000 Date: May 1
Maturity Date: June 1
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