Question $1[5$ points$]$

Cedric has forgotten the rate of simple interest he earned on a four$-$month term deposit at the bank. At the end of the four$-$month period, he received interest of $$223\mathrm{.}83$ on his $$7,900\mathrm{.}00$ deposit. What annual rate of simple interest did his deposit earn? Note: Please make sure your final answer$($s$)$ are in percentage form and are accurate to $2$ decimal places. For example $34\mathrm{.}56\%$

Annual interest rate $=0\mathrm{.}00\%$

Question points$]$

Cedric was charged $$209\mathrm{.}75$ interest on his bank loan for the period August $20$ to October $1$ of the same year. If the annual rate of interest on his loan was $7\mathrm{.}50\%,$ what was the outstanding principal balance on the loan during the period? For full marks your answer$($s$)$ should be rounded to the nearest cent.

Click here for help computing the number of days between two dates.

Outstanding principal balance $=$$$0\mathrm{.}00$

Question $3[3$ points$]$

What payment $5$ months from now is equivalent to a $$1,400$ payment today if money can earn $13\%$ interest? For full marks your answer$($s$)$ should be rounded to the nearest cent.