Can you please answer all this question step by step 1. Complete the sentences below. (5 marks) (a) Compensation for lending money that is based on one fixed sum is called: (b) The formula to find the maturity value of a simple interest loan is: (c) A transferable paper that commits the signer to pay the amount shown is called: (d) To calculate the legal due date of a Canadian promissory note you must: (e) A loan arrangement carrying a fluctuating rate of interest, which can be terminated at any time by either borrower or lender, is called: 2. Find the exact time between March 17 and October 10. (1 mark) 2. 3. What is the maturity date of a 90-day debt incurred on September 14? (1 mark) 3. 4. What is the legal due date of a 120-day promissory note issued on April 6? (1 mark) 4. 5. Calculate the simple interest payable on a 6-month loan of $60,000 if the interest rate is 16.5%. (1 mark) 5. 6. Calculate the interest payable on a 60-day promissory note for $4500 if the rate is 12% and the note was signed on July 2. (2 marks) 7. What principal will earn $600 interest at 14% in 7 months? (2 marks) 8. How long will it take $1,200 to earn $120 at 10%? (2 marks) 9. What rate of interest could earn $250 on a principal of $3,000 in 300 days? (2 marks) 10. What will be the amount payable on the legal due date of a 6-month promissory note for $5,000 signed on August 22 with interest at 13%? (3 marks) 11. What is the cost of financing a demand note signed on June 6 for $2,500 if the interest rate was 12.5% until the first part-payment of $1750 on September 14, after which it went up to 13% until the note was paid in full on November 3? (4 marks) 12. Use the declining-balance method to calculate the final payment needed on July 7 to clear out a 14.5% debt of $5,500 incurred on March 20 if the following partial payments were made: $1,500 on May 4 and $2,000 on June 6. (5 marks) 13. What was the cost of the loan described in Problem 12? (2 marks) 14. A piece of land is expected to have a value of $125,000 in 4 years. If money is worth 12% simple interest, what is a fair price to pay for the land today? Ignore local taxes. (3 marks) 15. John lent a friend $5000 at 10% and received $500 in interest. How long did John's friend have use of the money? (3 marks) 16. After 2 years, you receive an offer of $110,000 for the property purchased in Problem 14. Would you accept the offer? Assume that you have paid $500 a year for land taxes for each year you have held the property. For full marks, make sure you show your work. (4 marks) 17. Calculate the present value of a debt that will amount to $1518.33 in 4 months' time, if simple interest is charged at 12%. (2 marks) 18. If money is worth 15%, what is the value on June 14 of a non-interest-bearing promissory note of which the face value is $10,000 and which matures on December 12? (3 marks) 19. What would be the value of a $14,000 debt after 6 months if money is worth 17%? (2 marks) 20. If money is worth 16%, calculate the single equivalent payment 9 months from now of two debts: $300 due 2 months ago and $500 due in 1 year. Use 9 months from now as the focal date. (4 marks) 21. Find the size of two equal paymentsone due now and the other in 8 monthsthat are to replace three original debts of $2000 each due 6, 4, and 2 months ago. Use a rate for money of 12% and now as the focal date. (5 marks) 22. Two debts$500 due 1 month ago and $700 due in 3 monthsare to be replaced by three new payments: one of $200 due now, one of $400 due in 4 months, and the remainder in 8 months' time. Find the size of the final payment if money is worth 14%. Use now as the focal date. (5 marks) 23. Find (a) the proceeds and (b) the simple discount of a 3-month, non-interest-bearing note signed on July 10 with a face value of $15,000 if discounting occurs at 13% simple interest on August 24. (4 marks) 24. Find the proceeds from a $8,000 note that matures on March 5 if it is discounted on January 20 at 13%. Assume no grace. (3 marks) 25. Calculate the simple discount on a 12%, 3-month promissory note for $1000 that was signed on September 6 and discounted at 13% simple interest on October 10. (4 marks) 26. If a 120-day, $15,000 note earning 14% simple interest is discounted at 17%, 60 days before its legal due date, what are the proceeds? (4 marks) 27. Suppose that you decide to discount a $140,000 note you are holding by selling it to a buyer on March 15, which would be 4 months before it is due. If the discount rate is 17.5%, what will the proceeds of the sale be? (3 marks) 28. Metchosin Tractor purchased a patent on a piece of equipment for $1.5 million and agreed to pay the full amount in 15 years, plus interest. After 8 years, Metchosin Tractor is doing so well that it decides to repay the full patent cost. If money is worth 6% simple interest, how much should Metchosin Tractor offer the company it purchased the patent from to settle the outstanding debt? (4 marks) 29. You are thinking about buying a new car. The sales associate tells you that you can drive away with the car today if you pay $13,000 now and $15,000 in 2 years. If you know that the company charges 26% interest on outstanding balances, what should the cash price be for the car today? (5 marks) 30. The car sales associate in Problem 29 says that there is a special on today. If you pay cash, you can buy the car for $24,000, a savings claimed to be of $4,000. Would you accept the offer? Why or why not? (6 marks) 31. A couple wants to set aside sufficient money for their daughter to attend college. The cost of college is expected to be $20,000 a year. How much money would need to be placed in an account today that pays 10% simple interest in order for the interest from the account to be sufficient to pay the annual cost of attending college