LU 10-1a EXTRA PRACTICE QUIZ WITH WORKED-OUT SOLUTIONS Need more practice? Try this Calculate simple interest (rounded to the nearest cent): Extra Practice Quiz (check figures in the Interactive Chapter 1. $16,000 at 3% for 8 months Organizer). Worked-out Solutions 2. $15,000 at 6% for 6 years can be found in Appendix B. 3. $50,000 at 7% for 18 months 4. On May 6, Dawn Kristal borrowed $20,000 at 7%%. Dawn must pay the principal and interest on August 14. What are Dawn's simple interest and maturity value if you use the exact interest method? 5. What are Dawn Kristal's (Problem 4) simple interest and maturity value if you use the ordinary interest method? LU 10-2a EXTRA PRACTICE QUIZ WITH WORKED-OUT SOLUTIONS Need more practice? Try this Complete the following (assume 360 days): Extra Practice Quiz (check figures in the Interactive Chapter Interest Time Simple Organizer). Worked-out Solutions Principal rate (days) interest can be found in Appendix B. 1. 4% 90 days $9,000 2. $6,000 180 days $280 3. $900 6% ? $190 LU 10-3a EXTRA PRACTICE QUIZ WITH WORKED-OUT SOLUTION Need more practice? Try this Polly Flin borrowed $4,000 for 60 days at 4%%. On day 15, Polly made a $700 partial pay- Extra Practice Quiz (check ment. On day 40, Polly made a $2,000 partial payment. What is Polly's ending balance due figure in the Interactive Chapter Organizer). Worked-out Solution under the U.S. Rule (assuming a 360-day year)? can be found in Appendix B