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Problem Set 1 Simple Interest

This document provides a problem set with multiple questions involving calculations of simple interest, maturity values, time periods, and interest rates. There are 4 sections with tables to complete involving principal amounts, interest rates, time periods, and calculating either interest earned or maturity values. The final section has 4 additional word problems to solve showing the full work and calculations.

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Jeda Njobu
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2K views2 pages

Problem Set 1 Simple Interest

This document provides a problem set with multiple questions involving calculations of simple interest, maturity values, time periods, and interest rates. There are 4 sections with tables to complete involving principal amounts, interest rates, time periods, and calculating either interest earned or maturity values. The final section has 4 additional word problems to solve showing the full work and calculations.

Uploaded by

Jeda Njobu
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Problem Set #1

Practice and Application

I. Complete the table by finding the simple interest.

Principal (P) Interest Rate ( r ) Time (t) Amount of Interest (Is)

1.) 72,500.00 8% 3 yr

2.) 35,000.00 12% 6 mo.

3.) 48, 200.00 11% 2 1/2 yr

4.) 161,500.00 10 4/5 % 4 yr

5.) 450,000.00 9 1/4 % 5 yr

II. Complete the table by finding the maturity value.

Principal (P) Interest Rate ( r ) Time (t) Maturity Value (A)

1.) 35,600.00 6% 9 m0.

2.) 140,250.00 10% 15 mo.

3.) 75,800.00 8 1/2% 2 yr

4.) 340,200.00 11% 6 yr

5.) 1,400,500.00 9% 10 yr

III. Complete the table by finding what is missing. (use the Bankers interest if the time is in terms of days)

Principal (P) Interest Rate ( r ) Time (t) Amount of Interest (Is) Maturity Value (A)

1.) 35,600.00 5.23% 2 1/2 yr

2.) 75,800.00 15 mo. 15,500.00

3.) 8 1/2% Set 8, 2017- June 3, 2018 23,000.00

4.) 340,200.00 11% 4 1/4 yr

5.) 161,500.00 9% 90 days

IV. Answer each of the following. Show your complete solution for each item.
Problem Set #1

1. Find:

A. 50 days from July 23, 2017 C. January 10, 2015 - May 5, 2015

B. May 15, 2017 - August 16, 2017 D. February 14, 2017 - November 1, 2017

2. Find the Maturity Value if 125,000.00 was invested at 10% from February 14, 2017 - November 1, 2017 using:

A. Ordinary interest b. Exact interest

3. Fe Yong is investing an amount at 15% sinmple interest for 3 years. If he intends to have 48,200.00 at the end of
the term, what must be his principal?

4. Cora Tan borrows 20,000.00 from her uncle and agrees to pay him 22,000.00 in 15 months. What interest rate was
she paying?

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