I need this now please also please explain how you got the answer.

Question 2: (10 Points)

You decide to take out a loan for $8,000, at 7.5% yearly interest on the date October 14. If you repay the loan on December 31st (at the end of the current year).

a)Exact time (days) of loan: __________

b)Using ordinary interest, calculate the interest and total owed.

c)Using exact interest, calculate the interest and total owed.

Question 3: (10 Points)

You decide to take out an ordinary interest loan of $35,000 at 5%, on a 90 day note.

a)In 45 days you decide to make a payment of $12,000 on the loan. What is your new principal? Explain how you got the answer.

b)How much did you pay at the end of the loan overall? How does this differ from how much you would have paid overall had you not made a payment of $12,000 after 45 days?

Question 4: (10 Points)

Find the bank discount and proceeds using ordinary interest on an unsecured promissory note made to Mike Smith for $13,000 at 7.5% annual simple interest from July 15 to September 15 for this year. Use the steps below to find your answers.

b)Exact time (days) of note: __________

c)What is the bank discount?

d)What are the proceeds that Mike Smith receives?

e)What is the amount Mike Smith repays?