# Find the interest paid on a loan

1. find the interest paid on a loan of $2800 for two years at a simple interest rate of 11% per year.

The interest on a loan is $

2. Find the maturity value of a loan of $2400.00 after three years. The loan carries a simple interest rate of 7.7% per year.

The maturity value of a loan is $ (round to nearest cent)

3. Convert two years, expressed in decimal form to the nearest hundredth. Nine months.

Nine months = (round to nearest decimal)

4. A man needed money to buy lawn equipment. He borrowed $800.00 for five months and paid $53.95 in interest. What was the rate of interest?

The rate of interest per year was (round to nearest decimal)

5. Find the exact interest on a loan of $32,600 at 7% annually for 20 days.

$(round to nearest cent)

6. A loan made on March 13 is due September 10 of the following year. Find the exact time for the loan in a non-leap year and a leap year.

The exact time in a non-leap year is 546 days

the exact time in a leap year is 547 days

7. A loan is made on March 20 for 181 days. Find the due date.

September 17

8. A loan for $2000 with a simple annual interest rate of 15% was made on June 18 and was due on August 18. Find the exact interest.

The exact interest is $50.14

9. Find the adjusted balance due at maturity for a 90 day note of $18,000 at 13.8% ordinary interest is a partial payment of $4000 is made on the 60th day of the loan.

The adjusted balance due at maturity is $14,579.76

10. Raul Fletes borrowed $7000 on a 210 day note that required ordinary interest at 13.41%. Raul paid $3500 on the note on the 140th day. How much interest did he save by making the partial payment?

The interest saved is $(round to nearest cent)

11. A man makes a simple discount note with a face value of $2700, a term of 140 days, and a 18% discount rate. Find the discount.(use banker’s rule)

The discount is $

12. A man has a simple discount note for $6100, at an ordinary bank discount rate of 8.53%, for 50 days. What is the effective interest rate? Round to the nearest 10th of a percent. Use banker’s rule.

The effective interest rate is %

13. A man holds a note of $5000 that has an interest rate of 14% annually. The note was made on March 19 and is due November 12. He sells the note to a bank on June 12 at a discount rate of 13% annually. Find the proceeds on the third-party discount note. (Use the bankers rule)

The proceeds are $4107.34

14. A loan of $4000 at 4% is compounded semiannually for four years. Find the future value and compound interest. Use the $1.00 future value table or the future value and compound interest formula.

The future value of the loan is $4686.64

the compound interest is $686.64

15. A loan of $1000 and 30% is compounded monthly for one year. Find the future value and compound interest. Use a $1.00 future value table or the future value and compound interest formula.

The future value of the loan is $1344.89

the compound interest is $344.89

16. Tom Bond borrowed $6200 at 6 ½% for three years compounded annually. What is the compound amount of the loan and how much interest will he pay on the loan?

The compound amount is $7489.29

the compound interest is $1289.29

17. A bank loaned John Smith $4000 for seven years compounded annually at 8%. How much interest was John required to pay on the loan? Use the $1.00 future value table or the future value and compound interest formula.

John was required to pay $2855.30 of interest

18. Find the future value of an investment of $12,000 if it is invested for four years and compounded semiannually at an annual rate of 2%. Use the $1.00 future value table or the future value and compound interest formula.

The future value of the investment is $12,994.28

19. Find the effective interest rate for a loan for four years compounded semiannually at an annual rate of 2%.

The effective interest rate is 2.01%

20. Find the compound interest on a $2000 investment at .5% compounded daily for 17 days. The compound of interest of $100 compounded daily is 0.023290.

The interest is $

21. Find the amount that should be set aside today to yield the desired future amount. Future amount needed, $5000, interest rate, 8%, compounding., Semiannually, investment time, two years. On the chart the present value of $1 at 12% is 0.79719.

The present value is $

22. Compute the amount of money to be set aside today to ensure a future value of $2700 in one year if the interest rate is 1.5% annually, compounded annually.

The amount of money to be set aside is $

23. Ronnie Cox has just inherited $27,000. How much of this money should be set aside today to have $22,000 to pay cash for a Ventura Van, which he plans to purchase in one year? He can invest at 1.7% annually, compounded annually.

The amount of money to be set aside is $

24. Dewey Sykes plans to open a business and eight years when he retires. How much must he invest today to have $5000 when he retires if the bank pays 3% annually, compounded semiannually?

Present value of

9. Find the adjusted balance due at maturity for a 90 day note of $15,000 at 13.1% ordinary interest is a partial payment of $4000 is made on the 60^{th} day of the loan. 30^{th} is Feb 1^{st} 60^{th} day is Mar. 1^{st} Apr. 1^{st} is 90^{th}

The adjusted balance due at maturity is

13. A man holds a note of $5000 that has an interest rate of 14% annually. The note was made on March 19 and is due November 12. He sells the note to a bank on June 12 at a discount rate of 13% annually. Find the proceeds on the third-party discount note. (Use the bankers rule)

The proceeds are $

14. A loan of $6000 at 7% is compounded semiannually for two years. Find the future value and compound interest. Use the $1.00 future value table or the future value and compound interest formula. Future Value or Compound Amount of $1 at 7% is 1.1449

16. Tom Bond borrowed $6200 at 6 ½% for three years compounded annually. What is the compound amount of the loan and how much interest will he pay on the loan?

The compound amount is $

the compound interest is $

17. A bank loaned John Smith $4000 for four years compounded annually at 7%. How much interest was John required to pay on the loan? Use the $1.00 future value table or the future value and compound interest formula. Future value or compound amount of $1 at 7% is 1.31080

John was required to pay $ of interest

18. Find the future value of an investment of $10,000 if it is invested for four years and compounded semiannually at an annual rate of 4%. Use the $1.00 future value table or the future value and compound interest formula. Future value or compound amount of $1 at 4% is 1.16986

The future value of the investment is $

19. Find the effective interest rate for a loan for three years compounded semiannually at an annual rate of 2%. Future value or compound amount of $1 at 2% is 1.06121.

The effective interest rate is %

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