P a g e 1 | 1 1. A $3,800.00 loan at 7.5% was advanced on June 17, 2022. How much interest was due when the loan was repaid on October 1, 2022? 2. How much interest accrued from November 30, 2022, to March 4, 2023, on a $7,350.00 loan at 7.5%? 3. An $85,000.00 investment earned a 3.9% rate of simple interest from December 1, 2022, to April 30, 2023. How much interest was earned? 4. $850.00 borrowed on January 7, 2022, was repaid with interest at an annual rate of 7% on July 1, 2022. What was the amount of interest? 5. The interest rate on $27,000.00 borrowed on October 16, 2022, was 5.7%. How much interest was owed on the April 15, 2023, repayment date? 6. A $14,400.00 loan taken out on May 21, 2022, was repaid with interest at 5.5 % per annum on July 19, 2022. How much interest was paid? 7. If $40.52 interest accrued on a $1,000.00 guaranteed investment certificate (GIC) from January 15, 2022, to July 7, 2022, what rate of simple interest did the GIC earn? 8. What was the principal amount of a loan at 4.5 % if $67.78 of interest accrued from October 28, 2022, to April 14, 2023? 9. Christine borrowed $750.00 from Chris on October 30 and agreed to repay the debt with simple interest at the rate of 12.3% on May 10. How much interest was owed on May 10? Assume that February has 28 days. 10. Megan was charged $124.83 interest on her bank loan for the period September 18 to October 18. If the rate of interest on her loan was 8.25%, what was the outstanding principal balance on the loan during the period? 11. What will be the maturity value in 15 months of a $4,500.00 loan at a simple interest rate of 7.9%? 12. What will be the maturity value after seven months of $2,950.00 earning interest at the rate of 4%? 13. Sandra has savings of $9,625.63. If she can invest this amount to earn 2.8%, how many days will it take for the investment to grow to $9,800.00 14. Fiona listed her car on Kijiji and has two offers both totalling $8,000.00. Jason will pay her $2,000.00 now and the balance in six months, while Jennifer will pay $3,000.00 now and the balance in four months. If Fiona can earn 3.5% interest on a short-term investment: a. What is the current economic value of the two offers? b. Which offer should Fiona accept? How much more is the better offer worth in today's dollars? 15. Marcus can purchase an airplane ticket now on the airline's Early Bird Sale for $459, or he can wait and pay $479 in nine months. If he can earn a 3% rate of return on his money, which option should he choose?