Sharon’s $9000 term deposit matured on March 16, 2019. Based on a simple interest rate of 3.75%, she received $110.96 in interest. On what date did she originally make the term deposit?
> If money can be invested at 0.6% per month, which has the greater economic value: $5230 on a specific date or $5500 exactly five months later? At what rate (per month) would the two amounts be economically equivalent?
> April missed a payment of $2740.00 on a loan with interest being charged at 4 1 2 % . The lender now wants $2755.20 as a late payment to settle up on the missed payment. How many days late was the payment?
> An early payment of $4574.73 was accepted instead of a scheduled payment of $4850.00, allowing for interest at the rate of 8 3 4 % . How many days early was the payment?
> What is the time interval (in months) separating equivalent payments of $3500.00 and $3439.80 if money is worth 5 1 4 % per annum?
> A late payment of $850.26 was considered equivalent to the originally scheduled payment of $830.00, allowing for interest at 9.9%. How many days late was the payment?
> Cyril can purchase a trip to Aruba for an early booking price of $2370.00 now or wait 190 days and pay $2508.79. What annual rate of return would money have to earn for the two options to be economically equivalent?
> Kathleen has a $560 loan payment due in five months. What amount of money should she be able to pay today if the interest on her loan is 3 3 4 % per annum?
> What was the interest rate on a $1750 loan, if the amount required to pay off the loan after five months was $1828.02?
> $7348.25 was the amount required to pay off a loan after 14 months. If the loan was at 8 1 4 % per annum simple interest, how much of the total was interest?
> The balance after 11 months, including interest, on a loan at 9.9% is $15,379.58. What are the principal and interest components of the balance?
> Express decimal and percent equivalent forms to five-figure accuracy. -35 25
> The maturity value of an investment earning 7.7% per annum for a 360-day term was $2291.01. What amount was originally invested?
> What was the principal amount of a loan at 10 1 2 % , if total amount owed after 23 days was $785.16?
> Cecile placed $17,000 in a 270-day term deposit earning 4.25%. How much will the bank pay Cecile on the maturity date?
> What will be the maturity value in 15 months of a $4500 loan at a simple interest rate of 7.9%?
> Dominion Contracting invested surplus funds in term deposits. All were chosen to mature on April 1 when the firm intends to purchase a new grader. What total amount will be available from the maturing term deposits on April 1 (of a leap year)?
> The cash balance in Amalia’s account with her stockbroker earns interest on the daily balance at an annual rate of 4%. Accrued interest is credited to her account every six months—on June 30 and December 31. As a resul
> Village Finance Co. advanced three loans to Kamiko—$2200 on June 23, $1800 on August 5, and $1300 on October 31. Simple interest at 7.25% was charged on all three loans, and all were repaid on December 31 when some bonds that she owned matured. What tota
> On what date did a corporation borrow $350,000 at 7.5% from its bank if the debt was settled by a payment of $356,041 on February 28?
> Karin borrowed $2000 at 10 1 4 % on July 13. On what date would the amount owed first exceed $2100?
> How many days will it take $2500 to grow to $2614.47 at an annual rate of 8.75%?
> Express decimal and percent equivalent forms to five-figure accuracy. -9 16
> A&B Appliances sells a washer-dryer combination for $1535 cash. C&D Appliances offers the same combination for $1595 with no payments and no interest for six months. Therefore, you can pay $1535 now or invest the $1535 for six months and then pay $1595.
> The snow tires that you are planning to buy next October 1 at the regular price of $107.50 each are advertised at $89.95 in a spring clearance special that will end on the preceding March 25. What annual rate of simple interest will you earn if you “inve
> $12,800 was invested in a 237-day term deposit earning 3 3 4 % . What was its maturity value?
> The annual $3600 membership fee at the Oak Meadows Golf Club is due at the beginning of the year. Instead of a single “lump” payment, a member can pay $1600 at the start of the year and defer the $2000 balance for five months by paying a $75 surcharge at
> The bookkeeper for Durham’s Garage is trying to allocate to principal and interest a payment that was made to settle a loan. The cheque stub has the note “$3701.56 for principal and 7 months’ interest at 12.5%.” What are the principal and interest compon
> Judith received the proceeds from an inheritance on March 25. She wants to set aside enough on March 26 so that she will have $20,000 available on October 1 to purchase a car when the new models are introduced. If the current interest rate on 181- to 270
> The interest rate on an $859.50 debt was 10 1 4 % . For how many months was the loan outstanding if it was settled with a payment of $907.22?
> A $7760 investment earning 6 1 4 % matured at $8083.33. What was the term (in months) of the investment?
> The amount required to pay off a $3500 loan at 8.4% was $3646.60. What was the term (in days) of the loan?
> Janesh has savings of $9625.63. If he can invest this amount to earn 2.8%, how many days will it take for the investment to grow to $9,800?
> Express decimal and percent equivalent forms to five-figure accuracy. 47 20
> The amount required to settle a $680 debt after 300 days was $730.30. What rate of interest was charged on the debt?
> Marliss made a $780.82 purchase on her Visa card. Including 45 days’ interest, the amount billed on her credit card was $798.63. What annual interest rate does her card charge?
> A $2875.40 investment grew to $3000 after eight months. What annual rate of simple interest did it earn?
> What will be the maturity value after seven months of $2950 earning interest at the rate of 4 1 2 % ?
> On June 26 Laura put $2750 into a term deposit until September 3, when she needs the money for tuition, books, and other expenses to return to college. For term deposits in the 60- to 89-day range, her credit union pays an interest rate of 3%. How much i
> What was the principal amount of a loan at 9 1 2 % if $67.78 of interest accrued from October 28, 2018, to April 14, 2019?
> If $40.52 interest accrued on a $1000 guaranteed investment certificate (GIC) from January 15, 2019, to July 7, 2019, what rate of simple interest did the GIC earn?
> A $14,400 loan taken out on May 21, 2018, was repaid with interest at 11 1 4 % per annum on July 19, 2019. How much interest was paid?
> The interest rate on $27,000 borrowed on October 16, 2020, was 5.7%. How much interest was owed on the April 15, 2021, repayment date?
> $850 borrowed on January 7, 2019, was repaid with interest at an annual rate of 7% on July 1, 2019. What was the amount of interest?
> Round it to four-figure accuracy. 9.6455
> An $85,000 investment earned a 3.9% rate of simple interest from December 1, 2019, to May 30, 2020. How much interest was earned?
> The total accrued interest owed as of August 31 on a loan advanced the preceding June 3 was $169.66. If the variable interest rate started at 8 3 4 % , rose to 9% effective July 1, and increased another 1 2 % effective July 31, what was the principal amo
> How much will be required on February 1 to pay off a $3000 loan advanced on the previous September 30 if the variable interest rate began the interval at 4.7%, rose to 5.2% effective November 2, and then dropped back to 5% effective January 1?
> Penny invested $4500 on October 28 at a floating rate of interest that initially stood at 6.3%. Effective December 2, the rate dropped by 1 2 % , and then it declined another 1 4 % effective February 27. What total amount of principal plus interest will
> Mario borrowed $6000 on March 1 at a variable rate of interest. The interest rate began at 7.5%, increased to 8% effective April 17, and then fell by 0.25% effective June 30. How much interest will be owed on the August 1 repayment date?
> How much interest accrued from November 30, 2018, to March 4, 2019, on a $7350 loan at 7.5%?
> Bruce borrowed $6000 from Darryl on November 23. When Bruce repaid the loan, Darryl charged $127.60 interest. If the rate of simple interest on the loan was 6 3 4 % , on what date did Bruce repay the loan? Assume that February has 28 days.
> The $1000 principal amount of a loan was repaid on March 13, 2019, along with accrued interest in the amount of $49.42. If the interest rate on the loan was 11%, on what date was the loan advanced?
> On what date was a $1000 loan granted if the interest accrued as of November 16, 2019, was $50.05? The interest rate on the loan was 7 1 4 % .
> Round it to four-figure accuracy. 11.3845
> $1000 was invested on April 18, 2019, in a GIC earning 7.7% per annum. On its maturity date, the certificate paid $32.28 interest. On what date did it mature?
> On June 26, 2019, $1000 was borrowed at an interest rate of 4.55%. On what date was the loan repaid if the amount of accrued interest was $11.47?
> Megan was charged $124.83 interest on her bank loan for the period September 18 to October 18. If the rate of interest on her loan was 8.25%, what was the outstanding principal balance on the loan during the period?
> In addition to a $2163 refund of her income tax overpayment, the Canada Revenue Agency (CRA) paid Raisa $13.36 of interest on the overpayment. If the simple interest rate paid by the CRA was 5.5%, how many days’ interest was paid?
> Maia’s chequing account was $329 overdrawn beginning on September 24. On October 9 she made a deposit that restored a credit balance. If she was charged overdraft interest of $2.50, what annual rate of simple interest was charged?
> Joyce had $2149 in her daily interest savings account for the entire month of June. Her account was credited with interest of $2.65 on June 30 (for the exact number of days in June). What annual rate of simple interest did her balance earn?
> Raimo borrowed $750 from Chris on October 30 and agreed to repay the debt with simple interest at the rate of 12.3% on May 10. How much interest was owed on May 10? Assume that February has 28 days.
> A $3800 loan at 7.5% was advanced on June 17, 2019. How much interest was due when the loan was repaid on October 1, 2019?
> How much interest will be earned on $5000 in five months if the interest rate is 5.5%?
> $890 interest was charged on $8900 borrowed on a simple interest basis for eight months. What was the interest rate per month on the loan?
> Express decimal and percent equivalent forms in the repeating decimal notation. Show just the minimum number of decimal places needed to display the repeating digit or group of digits. 37 27
> What annual rate of interest was earned if a $15,000 investment for five months earned $546.88 in interest?
> The interest paid on an 11-month loan at 10 1 4 % was $328.85. What was the principal amount of the original loan?
> The interest paid at the end of the term of a $9125 loan at 0.8% per month was $511.00. Calculate the term of the loan.
> What was the term of a $4850 loan at 4.5% if the interest due at the end was $145.50?
> A $25,000 investment earned 0.25% per month simple interest for a three-month term. What total amount of interest was earned?
> Montel loaned $6800 to a friend for 13 months at an annual rate of 7.7% simple interest. How much interest did the borrower owe?
> Sergon has $5000 to invest for six months. The rates offered on three-month and six-month term deposits at his bank are 5.5% and 5.8%, respectively. He is trying to choose between the six-month term deposit and two consecutive three-month term deposits.
> Sumer put $10,000 in a three-month term deposit at TD Canada Trust, earning a simple interest rate of 2.2%. After the three months, she invested the entire amount of the principal and interest from the first term deposit in a new three-month term deposit
> Asher cashed in a one-year term deposit after only five months had elapsed. In order to do so, he accepted an interest rate penalty—a reduction from the scheduled 5.5% rate of simple interest. If he was paid $145.83 interest on the $10,000 term deposit,
> Morgan loaned $3100 to Rolf at a simple interest rate of 0.65% per month. What was the term of the loan if the total interest came to $221.65?
> Express decimal and percent equivalent forms to five-figure accuracy.
> Indira paid interest charges of $169.05 on a $4830 invoice that was two months overdue. What monthly rate of simple interest was she charged?
> A five-month term deposit of $10,000 at Scotiabank earned $175 in interest. What annual rate of simple interest did the deposit earn?
> How much must be placed in a five-month term deposit earning 4.3% simple interest in order to earn $500 interest?
> The interest owed on a loan after five months was $292.50. If the simple interest rate charged on the loan was 0.9% per month, what was the amount borrowed?
> An invoice states that interest will be charged on overdue accounts at the rate of 1 1 2 % per month. What will the interest charges be on a $3760 billing that is three months overdue?
> How much interest was paid on a $1500 loan for seven months at an annual interest rate of 4.5%?
> A small manufacturing operation can produce up to 250 units per week of a product that it sells for $20 per unit. The variable cost per unit is $12, and the fixed cost per week is $1200. 1. How many units must the business sell per week to break even? 2.
> Jordan is developing a business plan for a residential building inspection service he may start. Rent and utilities for an office would cost $1000 per month. The fixed costs for a vehicle would be $450 per month. He estimates that the variable office cos
> Huntsville Office Supplies (HOS) is evaluating the profitability of leasing a photocopier for its customers to use on a self-serve basis at 10¢ per copy. The copier may be leased for $300 per month plus 1.5¢ per copy on a full-service contract. HOS can p
> Clone Computers assembles and packages personal computer systems from brand-name components. Its Home Office PC system is assembled from components costing $1400 per system and sells for $2000. Labour costs for assembly are $100 per system. This product
> Express decimal and percent equivalent forms in the repeating decimal notation. Show just the minimum number of decimal places needed to display the repeating digit or group of digits. -7 270
> A real estate salesperson can lease an automobile for five years at $500 per month payable at the beginning of each month, or purchase it for $32,000. She can obtain a loan at 3.75% compounded monthly to purchase the car. Should she lease or buy the car
> CD Solutions Ltd. manufactures and replicates CDs for software and music recording companies. CD Solutions sells each disc for $2.50. The variable costs per disc are $1.00. 1. To just break even, how many CDs must be sold per month if the fixed costs are
> ChildCare Industries manufactures infant car seats that it sells to retailers for $155 each. The costs to manufacture each additional seat are $65, and the monthly fixed costs are $18,000. 1. How many seats must be sold per year to break even? 2. What wi
> Ingrid processes and bottles jam in her home-based business. Her fixed costs are $250 per month and the variable cost per jar is $1.20. She sells the jam to local grocery stores for $3.20 each. 1. How many jars must she sell per year to break even? 2. Wh
> A sporting goods manufacturer lost $400,000 on sales of $3 million in a year during the last recession. The production lines operated at only 60% of capacity during the year. Variable costs represent one-third of the sales dollars. 1. At what percent of
> A farmer is trying to decide whether to rent his neighbour’s land to grow additional hay for sale to feedlots at $180 per delivered tonne. The land can be rented at $400 per hectare for the season. Cultivation and planting will cost $600 per hectare; spr
> Mickey’s Restaurant had a net income last year of $40,000 after fixed costs of $130,000 and total variable costs of $80,000. 1. What was the restaurant’s break-even point in sales dollars? 2. If fixed costs in the current year rise to $140,000 and variab
> In the year just ended, a small appliance manufacturer sold its griddle at the wholesale price of $37.50. The unit variable costs were $13.25, and the monthly fixed costs were $5600. 1. If unit variable costs are expected to rise to $15.00 and fixed cost
> This problem is designed to illustrate how the relative proportions of fixed and variable costs affect a firm’s net income when the sales volume changes. Two hypothetical firms, Hi-Tech and Lo-Tech, manufacture and sell the same product at the same price
> The social committee of a college’s student government is planning the annual graduation dinner and dance. The preferred band can be signed for $1000 plus 10% of ticket revenues. A hall can be rented for $4400. Fire regulations limit the hall to 400 gues
> Genifax reported the following information for September: Sales revenue $180,000 Fixed manufacturing costs 22,000 Fixed marketing and overhead costs 14,000 Total variable costs 120,000 Unit price 9 1. Determine the unit sales required to break even. 2. W
> Express decimal and percent equivalent forms in the repeating decimal notation. Show just the minimum number of decimal places needed to display the repeating digit or group of digits. -4 900
> Reliable Plastics makes containers that it sells for $2.55 each. Its fixed costs for this product are $2000 per month and the variable cost per unit is $1.30. 1. What is the break-even point in units? 2. What is the break-even sales revenue?
