MAT 142 5.1 Simple Interest
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Description
MAT 142 Problem set
Unit: Finance
Topic: Simple Interest
Directions: Solve the following problems. Please show your work, show the correct formula and explain
your reasoning.
- Nestor borrows $10,000 from the shady loan shark, Mr. Wildcat. Mr. Wildcat tells him he must
repay the loan in 1 month and pay an additional $1000 in interest. If Mr. Wildcat is charging
simple interest on his loan, what is the annual interest rate?
- Yolanda invests her $5,000 bonus into a high yield account that earns 6.7% simple interest. She
wants to buy a Burmese Rabbit Hound with the money. The breeder told her that a puppy
would cost $5,500. How long will Yolanda have to wait before she has $5,500 in her savings
account?
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Published On:
02/25/2013
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