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**QRB 501 Week 5 Individual Assignment**

- From Business, General Business

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**QRB 501 Week 5 Individual Assignment****Question 1**

Find the interest paid on a loan of $1,200 for three years at a simple interest rate of 5% per year.

How much money will you pay after three years?**Question 2**

Find the maturity value of a loan of $1,750 for 28 months at 9.8% simple interest per year.**Question 3**

Find the simple interest rate of a loan of $5,000 that is made for three years and requires $1,762.50 in interest.**Question 4**

A loan of $16,840 is borrowed at 9% simple interest and is repaid with $4,167.90 interest. What is the duration of the loan? **Question 5**

How much money is borrowed if the interest rate is 9.25% simple interest and the loan is made for 3.5 years and has $904.88 interest?**Question 6**

Find the ordinary and exact interest for a loan of $1000 at a 5% annual interest rate. The loan was made on March 15 and is due May 15.**Question 7**

Find the bank discount and proceeds using ordinary interest for a loan to Michelle Anders for $7,200 at 8.25% annual simple interest from August 8 to November 8.**Question 8**

What is the effective interest rate of a simple discount note for $8,000, at an ordinary bank discount rate of 11%, for 120 days?**Question 9**

What is the effective interest rate for the ﬁrst year for a loan of $20,000 for three years if the interest is compounded quarterly at a rate of 12%?**1. **Ross Land has a loan of $8,500 compounded quarterly for four years at 6%. What is the effective interest rate for the ﬁrst year for the loan?**2. **Find the effective interest rate for the ﬁrst year for a loan for four years compounded semiannually at an annual rate of 2%**3. **What is the effective interest rate for the ﬁrst year for a loan of $5,000 at 10% compounded daily for three years?**4.** Depending on the issuer, a typical credit card agreement quotes an interest rate of 18 percent APR. Monthly payments are required.

What is the actual interest rate you pay on such a credit card?**5. **Find the effective interest rate for a loan of $3,500 at 10% interest compounded quarterly.**Question 10**

Tim Bowling has $20,000 invested for three years at a 5.25% annual rate compounded daily.

How much interest will he earn?**Exercise **

Find the future value of a $15,000 money market investment at 2.8% annual interest compounded daily for three years.**Question 11**

The Holiday Boutique would like to put away some of the holiday profits to save for a planned expansion. A total of $8,000 is needed in three years. How much money in a 5.2% three-year certificate of deposit that is compounded monthly must be invested now to have the $8,000 in three years?**Exercise **

How much should be invested now to have $15,000 in six years if interest is 4% compounded quarterly? **Question 12**

Jamie Juarez needs $12,000 in 10 years for her daughter’s college education.

How much must be invested today at 2% annual interest compounded semiannually to have the needed funds?

A loan of $8,000 for two acres of woodland is compounded quarterly at an annual rate of 6% for ﬁve years. Find the compound amount and the compound interest.

**QRB 501 Week 5 Individual Assignment**

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- Submitted On 22 Aug, 2017 04:55:27

**Beam777****Rating :**0**Grade :****No Rating****Questions :**0**Solutions :**913**Blog :**0**Earned :**$1304.91