Business Math

[axcel2012]

I have these 3 last questions to answer for a Math assignment and I am stuck on how to do them...can anyone please show me how and explain on how they are done? Thank you ever so much for your help!



Pg92 exercise 6.1 #14

#14
Indira paid interest charges of $169.05 on a $4830 invoice that was two months overdue. What monthly rate of simple interest was she charged?

Pg99 exercise 6.2 # 22 and 24


#22
Penny invested $4500 on October 28 at a floating rate of interest that initialy stood at 6.3%. Effective December 2, the rate dropped by 1/2%, and then it declined another 1/4% effective February 27. What total amount of principal plus interest will Penny receive when the investment matures on March 15? Assume that the new year is a leap year.

#24
The total accrued interest owed as of August 31 on a loan advanced the preceding June 3 was $169.66. If the variable interest rate started at 8 3/4%, rose to 9% effective July 1, and increased another 1/2% effective July 31, what was the principal amount of the loan?

 

[Deleted member 4993]

I have these 3 last questions to answer for a Math assignment and I am stuck on how to do them...can anyone please show me how and explain on how they are done? Thank you ever so much for your help!



Pg92 exercise 6.1 #14

#14
Indira paid interest charges of $169.05 on a $4830 invoice that was two months overdue. What monthly rate of simple interest was she charged?

Pg99 exercise 6.2 # 22 and 24


#22
Penny invested $4500 on October 28 at a floating rate of interest that initialy stood at 6.3%. Effective December 2, the rate dropped by 1/2%, and then it declined another 1/4% effective February 27. What total amount of principal plus interest will Penny receive when the investment matures on March 15? Assume that the new year is a leap year.

#24
The total accrued interest owed as of August 31 on a loan advanced the preceding June 3 was $169.66. If the variable interest rate started at 8 3/4%, rose to 9% effective July 1, and increased another 1/2% effective July 31, what was the principal amount of the loan?

I'll do a similar but different problem for you:

Ferroz paid interest charges of $200.00 on a $5000 invoice that was four months overdue. What monthly rate of simple interest was she charged?

Total interest paid = $ 200

Interest paid per month = 200/4 = 50

% interest paid per month = 50/5000 * 100 = 1

So the monthly simple interest = 1 %

check:

1% interest rate / per month

interest paid / month for $5000 = 1/100 * 5000 = $ 50

interest paid in four months for $5000 = 4 * 50 = $ 200 ← checks