Question: 1. You borrow $5000 on August 22nd this year. Your loan carries an interest rate of 8.41% simple interest. You make partial payments of $500

1. You borrow $5000 on August 22nd this year. Your loan carries an interest rate of 8.41% simple interest. You make partial payments of $500 on September 15th and $1575 on October 17th. You want to make a final payment to pay off the remaining outstanding balance on November 21st. What is the size of your final payment? *

2.Dion is supposed to pay Kristy $3500 on April 20, but delays the payment until July 1. What amount should Dion expect to pay on July 1, if Kristy can earn 8.25% simple interest on a low-risk investment?

3. A loan of $20 000 is paid over 5 years by monthly payments of $450. What is the nominal rate of interest on the loan? *

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