1. A loan of $15 000 is taken out.

If the interest rate on the loan is 7%, how

much interest is due and what is the amount repaid if a) The loan is due in
seven months; b) The loan was taken out on April 7 and is due in seven
months?
2. Determine the exact and ordinary simple interest on a 90-day loan of
$8000 at 8.5%
3. A loan shark made a loan of $100 to be repaid with $120 at the end of one
month. What was the annual interest rate?
4. A deposit of $1500 is made into a fund on March 18. The fund earns
simple interest at 5%. On August 5, the interest rate changes to 4.5%.
How much is in the fund on October 23?
5. How long will it take $3000 to earn $60 interest at 6%?
6. Jessica borrowed $1500 from her credit union on a demand loan on August
16. Interest on the loan, calculated on the unpaid balance, is charged to
her account on the 1st of each month. Jessica made a payment of $300 on
September 17, a payment of $500 on October 7, a payment of $400 on
November 12 and repaid the balance on December 15. The rate of interest
on the loan on August 16 was 12% per annum. The rate was changed to
11.5% on September 25 and 12.5% on November 20. Calculate the
interest payments required and the total interest paid.
7. A merchant receives an invoice for a motor boat for $20 000 with terms
4/30, n/100. What is the highest simple interest rate at which he can
afford to borrow money in order to take advantage of the discount?