E Find the number of days between the dates. Assume no leap year.
Days ry
Cy
February 15 to April 4 25. a]
B ct
June 13 to September 7 26. i
oO
Find the principal, rate, or time for the following loans. Use the 360-day method.
Interest Principal Rate Time
27, $81.90 13% 120 days
28. $15.76 $675.50 14%
29. $296.10 $9,870.00 60 days
30, $125.00 15% 60 days
31. $136.00 $3,400.00 90 days
32. $29.70 $990.00 9%
G. Find the bank discount and proceeds. The bank discounts rates at 12% two
months before the maturity of the loan.
Face Value Interest Rate Due
Proceeds
35,410 9% 3 mos, 33. 34,
$975 12% 4 mos, 35. 36.
52,186 13% 6 mos. 37. 38.
51,540 11% 4 mos. 39, 40.
H. Complete the following word problems,
41. Joyce Snider's savings account shows $3,282.50 on deposit. The
annual interest rate is $396. After three months, the bank computes
her interest. How much interest did Joyce's account earn?
42. James Johnson deposited a total of $980 in his savings account. The
annual interest rate is 5396. How much interest did he earn at the
end of six months?
. Maria Morales borrowed $3,650 at 15% interest for 120 days. How
much ordinary interest did she pay based on a 360-day year?
CHAPTER 9 ® Interest