I JUST NEED ANSWERS.. (NOT WORKING METHOD)

1) Bob's BBQ signed a note with a face value of $19,800.00 on September 11. The note is for 90 days and carries an interest rate of 8%. Find the due date and the maturity value of the note.

December 11, $21,384.00

December 10, $20,196.00

December 12, $19,800.00

December 11, $20,328.00

2. Hargray Telephone earned $150 interest on a $20,000 deposit in an account paying 3%. Find the number of days that the funds were on deposit.

25 days

91 days

90 days

135 days

3. A $5000 note is signed, for 240 days, at a discount rate of 9%. Find the proceeds.

$4700.00

$5000.00

$4704.11

$4550.00

4. Sam Peters signs a $4100 note. His bank charges a 10% discount rate. Find the effective rate charged by the bank if the note is for 9 months.

10.9%

9.7%

10.8%

10.0%

5. A bank has $900,000 to lend for 7 months. It can lend it to a local contractor at a simple interest rate of 12%, or it can lend it to a small business that will pay 12% compounded monthly. If the bank wants to maximize its interest earned, who should receive the loan and what is the additional interest earned?

Contractor; $1926.00

Contractor; $43,074.00

Business; $1926.00

Business; $1,026,612.00

6. Universal Bank lends $5,000,000 for 1 years at 10% compounded quarterly to Shining Shores Development Company to fund the building of a condominium complex. Find the future value.

$5,657,041.06

$5,625,000.00

$8,052,550.00

$5,632,650.00

7. Barbara knows that she will need to buy a new car in 2 years. The car will cost $15,000 by then. How much should she invest now at 10%, compounded quarterly, so that she will have enough to buy a new car?

$13,605.44

$11,269.72

$12,311.25

$13,636.36

8. Sandra deposits $3000 at the beginning of each semiannual period for 15 years at 8% interest compounded semiannually. Find the amount she will have on deposit.

$165,254.81

$87,972.85

$155,898.86

$174,985.01

9. Find the amount of each payment into a sinking fund if $5000 must be accumulated. Payments are made at the end of each quarter for 3 years, with interest of 6% compounded quarterly.

$1641.90

$383.40

$421.45

$296.40

10. Marge and Tom Martin bought a new car for $30,000. They agreed to pay 20% down and make monthly payments for 4 years at 10% (compounded monthly) to pay off the rest. Find the monthly payment.

$2425.00

$774.41

$608.66

$760.80

11. The Meyers bought a Sandwich City franchise for $400,000. They paid $80,000 of their own money and borrowed the rest, agreeing to make semi-annual payments over 8 years at 8% (compounded semi-annually). Find the semi-annual payment.

$48,456.40

$52,555.94

$27,462.40

$34,328.00