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Homework answers / question archive / 6) Aloan of $2800 was paid off at the end of 120 days with a check for $2917

6) Aloan of $2800 was paid off at the end of 120 days with a check for $2917

Finance

6) Aloan of $2800 was paid off at the end of 120 days with a check for $2917.60. What annual rate of interest was used? (Use a 360-day year.) 7. An advertisement for a loan company states that you only pay 13 cents per day for each $100 borrowed. If you borrow $500 for 50 days, what amount will you repay? 8. An advertisement for a loan company states that you only pay 13 cents per day for each $100 borrowed. If you borrow $500 for 50 days, what annual rate of interest is the company actually charging? (Use a 360-day year) 9. You deposit $600 into a 6-month certificate of deposit. After 6 months the balance is $618. Find the simple annual interest rate.

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