Posted by T. on Wednesday, February 1, 2012 at 10:22am.
1. Jacksonville Technical College received $3,445,553 in state aid on September 15 for the fall academic semester. The vicepresident for finance decided to invest $2,000,000 in a 2month investment that pays 11.5% simple interest. How much interest will the college earn on the investment? (15 points)
2. Barney Casey borrowed $40,000 from his parents for 2 years. He paid them a total of $45,000 at the end of the 2year term of the simple interest loan. What rate of interest did he pay his parents? (15 points)
3. Sarai Sherman agreed to deposit $4,450 in an account paying 16% simple interest per year for 60 days. If she made the deposit on February 25, determine (a) the date of the end of the term of the investment, and (b) the ordinary interest Sarai will earn. (15 points)
4. Anna Cavanaugh loaned her friend Jason $1,000 for 6 months at 6% simple interest. What is the future value of the loan and how much finance charge will Jason pay? (15 points)
5. Acton can choose from two loan offers: $12,000 at 8% simple interest for 9 months; or a $12,000 9month discounted loan at 7% discount. Based on the actual interest paid and the true rate on the discounted loan, which of the two loan offers will Acton choose? Explain your answer. (40 points)

Math  Reiny, Wednesday, February 1, 2012 at 11:28am
The purpose of this website is to help students with an individual question. not to do a whole assignment for you.
What part of which question don't you understand and need help with?
The simple interest formula used in each one would be
I = PRT, where I is the interest, P is the principal , R is the annual rate written as a decimal, and T is the number of years

Math  Afraaz, Thursday, February 16, 2012 at 2:55pm
Answer For Question #2
X/100 * 40,000= 5,000
X/100 = 5,000/40,000
X/100 = 0.125
X = 0.125*100
X = 12.5%

Math  Alex, Wednesday, June 27, 2012 at 9:16pm
afraaz the answer of 12.5 is not correct, i had done the same math as you did, however the teacher said that the answer was wrong.

Math  Queen, Saturday, December 8, 2012 at 8:02pm
The correct answer is 6.25 percent.
40,000 *6.25*2=5,000
Answer This Question
Related Questions
 business analysis  Jacksonville Technical College received 3,445,553 in state ...
 Math  . Jacksonville Technical College received $3,445,553 in state aid on ...
 Math Economics  1. Jacksonville Technical College received $3,445,553 in state ...
 Math  Envision that you have served as business manager of Media World for over...
 Business  Envision you have served as business manager for over two years. you ...
 Math  I really need some help with this one. Envision that you have served as ...
 Math  Envision that you have served as business manager of Media World for over...
 Math  Can someone steer me in the right direction? Here's the question. ...
 math  Mr Joyce invested $ 25,000, part at 4% interest and the remainder at 7% ...
 algebra  grandma ploan to finance her grandchilds college education she has 50,...
More Related Questions