MODULE 6: UNIT 1 ASSIGNMENT Worth 2% of Final Grade Total marks for Module 6: Unit 1 Assignment = 45 marks Submission Instructions Submit your assignment using the drop box. Be sure to show all your work to receive full marks. Round final answers to two decimal places. Fill in the unknown values for the simple interest problems in the following table: (2 marks each) Interest (I) Principal (P) Rate (R) Time (T) 1. ? $1500 6% 8 years 2. ? $2950 7.25% 24 months 3. $415 ? 3.4% 5 years 4. $610 ? 9.1% 9 years, 6 months 5. $225 $3000 ? 4 years 6. $175 $2250 ? 3.5 years 7. $700 $8500 4% ? 8. $665 $5500 5.75% ? 9. Barbara deposited $1500 into an account that earns 6% simple interest each year. How much interest will she earn in 5 years? (2 marks) 10. Paula borrowed $750 from a bank that is charging 8.5% simple interest. If she pays the loan off in 9 months how much interest will she pay? (2 marks) 11. Don invested $5000 in an account paying 5% simple interest per year for 7 years. a) How much interest will Don earn at the end of 7 years? (2 marks) b) How much will be in Don's account at the end of 7 years? (1 mark) 12. Bill invested $600 in an account paying 7.2% simple interest per year for 4 years. What will Bill's maturity value be at the end of 4 years? ( 2 marks) 13. If Martin invests his money and earns 8.2% simple interest for 3 years, how much would he need to initially deposit in order to make $150 in interest? (3 marks) 14. Thomas would like to go to Hawaii. He already has $10,000 saved for the trip but needs an additional $1500. He would like to go on his trip in 9 months. What simple interest rate does Thomas need to earn if he is to leave for his trip on time? (3 marks) 15. Anna has $5400 invested in an account earning 5.25% simple interest. How long will it take her to earn $335 in interest? (3 marks) 16. Carrie would like to buy a boat that costs $14,300. She currently has $12,500 saved up and intends on investing this amount in an account that earns 8.5% simple interest. How long will it take for her account to reach the needed amount to purchase the boat? (3 marks) 17. A student purchases a laptop by obtaining a simple interest loan. The laptop costs $2500, and the simple interest rate on the loan is 10%. If the loan is to be paid back in weekly installments over 1.5 years, calculate: a) The amount of interest paid over the 1.5 years. (2 marks) b) The weekly payment amount. (3 marks) 18. A couple purchases a leather sofa set for $3800, but rather than paying in cash, the couple has decided to pay for the sofa set with equal monthly payments. This option charges 26% simple interest on the loan and requires repayment over 2.5 years. What monthly payment is required