Professional Documents
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IN
MATHEMATICS
IN THE MODERN
World
EXERSICE:
SIMPLE INTEREST
Solve the following word problems. Round to the nearest cent when necessary.
Questions:
1. On april 12 Michelle Lizardo barrowed 5000 from her credit union at
9% for 80 days.
2. What is the maturity value of a 60,000 loan for 100 days at 12.2% interest
using the exact interest method.
a) If the bank uses the ordinary interest method, what is the amount of
interest on the loan?
5. At the city National Credit Union a 7%, 8000 loan for 180 days had
interest charges of interest did city National use, ordinary or exact?