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QRB 501 Week 5 Individual Assignment
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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.

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QRB 501 Week 5 Individual Assignment
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