MAT 115 WEEK 5 QUIZ

MAT 115 WEEK 5 QUIZ
1	18981 at 9for 208 days
a   $97349
b.   $1034.33
c.   $987.01
d.   $1020.16
	
2.	A loan of $1870 at 11% made on October 5 and due January 16.
a.   $46.21
b.   $58.85
c.   $58.05
d.   $46.85
	
3.	A promissory note for $5380 at 6.2% made on July 15 and due December 28.
a.   $153.81
b.   $151.70
c.   $150.79
d.   $152.88
	
4.	Shuler- Teas borrowed $9805. The simple interest loan was repaid in 7 months at 8½ %. Find the amount of the repayment.
a.   $10,291.16
b.   $10,638.43
c.   $10,284.50
d.   $10,504.32
	
5.	Keith Wendell plans to borrow $5810. He has decided on a term of 95 days at 8% interest. He has a choice of two lenders. One calculates interest using a 360-day year and the other uses a 365-day year. Find the amount of interest Wendell will save by using the lender with the 365-day year.
a.   $1.54
b.   $1.67
c.   $1.63
d.   $1.68
	
6.	Lauren Michel lends $17,000 at a rate of 10.7% . Find how long it will take for her investment to earn $1121.72 in interest. (Round to the nearest day)
a.   225 days
b.   222 days
c.   258 days
d.   254 days
	
7.	Sandra Leatherwood invested money received from a game show for 10 months at 9% interest. If she received $1687.50 interest on her investment during this time, find the amount that she invested.
a.   $18,750
b.   $15,625
c.   $22,500
d.   $13,500
	
	Find the proceeds for the following simple discount notes.	0
8.	Face value $4530, discount rate 7.2%, time 125 days.
a.   $113.25
b.   $111.70
c.   $4416.75
d.   $4418.30
	
9.	Face value $15,000, discount rate 6.5%, time 70 days.
a.   $14,813.01
b.   $186.99
c.   $14,810.42
d.   $189.58
	
10.	Mark McClennan signed a simple discount note for $2950 for 100 days at a rate of 8.5%. Find the effective interest rate based on the proceeds received by McClennan.
a.   8.8%
b.   8.5%
c.   8.6%
d.   8.7%
	
11.	Adrienne Vu borrowed $12,500 at 7.5% simple interest for 280 days on February 4. The bank later sold the note at an 8% discount on February 28. Find the proceeds to the bank.
a.   $12,538.89
b.   $12,476.58
c.   $12,548.61
d.   $12,463.54
	
12.	A 90-day simple discount promissory note for $2600 with a simple discount rate of 9.5% was signed on May 30. It was discounted on July 6 at 11%. Find the proceeds at the time of the sale.
a.   $2563.64
b.   $2557.89
c.   $2618.64
d.   $2642.11

13.	A $17,000 T-bill is purchased at a 2.75% discount rate for 20 weeks. Find the effective rate of interest to the nearest hundredth of a percent.
a.   2.76%
b.   2.77%
c.   2.78%
d.   2.75%
	
	The following note was discounted at 16%. Find the proceeds.	0
14.	Loan date June 14, face value $5000, length of loan 100 days, rate 10%, discount date Aug. 7.
a.   $5033.83
b.   $5138.89
c.   $4936.11
d.   $5243.94
	
15.	A local bank lends $5000 using a 120-day 8% simple interest note that was signed on March 6. The bank later sells the note at a discount of 12% on May 16. Find the proceeds.
a.   $5217.17
b.   $4918.33
c.   $5049.49
d.   $5133.33