MT 1123 Lecture 1: Section 31Simple Interest
Document Summary
Find the total interest paid on a loan of at 8% simple interest over 2 years. You borrow ,000 at 9% simple interest for 4 years. Find the total amount due on a loan at 7. 5% simple interest over 18 months. You wish to deposit money into the bank at 9% simple interest and have ,000 at the end of 5 years. To complete the sale of a house, the seller accepts a 180-day note for ,000 at. 7% simple interest. (both interest and principal will be repaid at the end of 180 days. ) Wishing to be able to use the money sooner for the purchase of another house, the seller sells the note to a third party for ,124 after 60 days. An investor purchases 450 shares at . 40 a share, holds the stock for 26 weeks, and then sells the stock for . 60 a share. Find the annual interest rate earned on the investment.
