Select the correct option:

(1) A loan made on July 15 was repaid on October 22. What is the time of the loan?

(a) 98 days

(b) 95 days

(c) 99 days

(d) 94 days

(e) 100 days

(2) Maria Watson borrowed $562 on June 24 for sixty days with a 365 day year. What is the date of repayment or the maturity date?

(a) August 24

(b) August 22

(c) August 25

(d) August 23

(3) Convert 7 months to a decimal part of a year.

(a) 0.714

(b) 0.583

(c) 1.714

(d) 0.0583

(e) 583

(4) Use the simple interest formula to find the rate on a $1,800 loan for which the interest was $20 for 40 days (use a 360-day year).

(a) 10%

(b) 20%

(c) 1.0%

(d) 0.1%

(e) 0.11%

Answer rating: 100% (QA)

1 c 99 days 2 d ... View the full answer