Find the interest rate on a loan charging $765 simple interest on a principal of $3750 after 6 years. __________
Find the simple interest on the loan. $1900 at 8% for 10 years. _________
Find the term of a loan of $225 at 3.5% if the simple interest is $63. __________
Determine the amount due on the compound interest loan. (Round your answers to the nearest cent.)
$16,000 at 4% for 15 years if the interest is compounded in the following ways.
__________Annually
__________Quarterly
1. Simple Interest = Principal * Rate* Time/100
Rate = 765*100/(3750*6) = 3.4%
2. Simple Interest = Principal * Rate* Time/100 = 1900*8%*10/100
= 15.20
3. Simple Interest = Principal * Rate* Time/100
Time = 63*100/(3.5*225) = 8 years
4. Amount annually = 16000*(1+4%)^{15 =}
28815.10
Amount Quarterly
= 16000*(1+4%/4)^{15*4}
_{= }29067.15
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