What is the simple interest rate

Reference no: EM13256950

a) The simple interest charged on a 8-month loan of $6200 is $247.50. What is the simple interest rate?

b) If $15,000 is deposited in a money market account when interest is compounded every quarter at an annual rate of 6%, the total amount accumulated at the end of 6 years will be: (Round to the nearest cent.)

c) Find the required payment for the following sinking fund: Semi-annual deposits earning 8.4% to accumulate $150,000 after 30 years.

d) Find the amount of time needed for the following sinking fund to reach the given accumulated amount $242 monthly at 5.4% to accumulate $32,000

e) Find the total amount due for a simple interest loan of $7654 at 12.9% for a period of 3 years 9 months.

Reference no: EM13256950

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