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Ordinary simple interest problems with solutions

22/11/2021 Client: muhammad11 Deadline: 2 Day

Instructions
Instructions:
Week 5 Individual Assignment
Total Number of Questions - 12
Total Points: 6
1. You have twelve problems - on each tab of this Excel file.
2. Please show your work in the cells. Use Excel formulas instead of writing the values/answers directly in the cell.
The instructor will then know where you made a mistake and provide you valuable feedback and partial credit (if appropriate).
Question 1
Find the interest paid on a loan of $1,200 for three years at a simple interest rate of 5% per year.
How much money will you pay after three years?
Principal
Rate
Time
Simple Interest (SI) =PRODUCT(B4:B6)
Maturity Value =Principal + SI
Question 2
Find the maturity value of a loan of $1,750 for 28 months at 9.8% simple interest per year.
Principal
Rate
Time -- Please make sure that the time periods for Time and Rate match.
Simple Interest (SI) =PRODUCT(B3:B5)
Maturity Value =Principal + SI
Question 3
Find the simple interest rate of a loan of $5,000 that is made for three years and requires $1,762.50 in interest.
Principal
Time
SI
Rate
Question 4
A loan of $16,840 is borrowed at 9% simple interest and is
repaid with $4,167.90 interest. What is the duration of the loan?
Principal
Rate
SI
Time
Question 5
How much money is borrowed if the interest rate is 9.25% simple interest
and the loan is made for 3.5 years and has $904.88 interest?
SI
Rate
Time
Principal
Question 6
Find the ordinary and exact interest for a loan of $1000 at a 5% annual
interest rate. The loan was made on March 15 and is due May 15.
Loan date Loan date
Loan Due Date Loan Due Date
Exact time days =B5-B4 Exact time days =G5-G4
Principal Principal
Rate Rate
Time Time
Ordinary Simple Interest (SI) Exact Simple Interest (SI)
=PRODUCT(B8:B10) =PRODUCT(G8:G10)
Question 7
Find the bank discount and proceeds using ordinary interest for a loan to Michelle Anders for $7,200
at 8.25% annual simple interest from August 8 to November 8.
Loan date
Loan Due Date
Exact time days =B5-B4
Face Value (F)
Discount Rate (D)
Time Period (T) years --> 'Convert Exact time in days to years
Bank Discount (B) =PRODUCT(B8:B10) OR =B8*B9*B10
Proceeds (P) =B8-B11
Question 8
What is the effective interest rate of a simple discount note for $8,000,
at an ordinary bank discount rate of 11%, for 120 days?
Face Value (F)
Discount Rate (D)
Time Period (T) years --> 'Convert Exact time in days to years
Bank Discount (B) =PRODUCT(B4:B6) OR =B4*B5*B6
Proceeds (P) =B4 - B7
Rate =B7/PRODUCT(B9, B6)
Question 9
SOLVED EXAMPLE
What is the effective interest rate for the first year for a loan of $20,000
for three years if the interest is compounded quarterly at a rate of 12%?
Quoted Rate 12.00% quarterly
No. of compounding periods per year 4 For Quarterly, type 4; for semiannually, type 2; for annually, type 1; for monthly, type 12; for daily, type 365
EAR 12.55% =EFFECT(B5, B6)
1. Ross Land has a loan of $8,500 compounded quarterly for four years at 6%. What is the effective interest rate for the first year for the loan?
Quoted Rate
No. of compounding periods per year For Quarterly, type 4; for semiannually, type 2; for annually, type 1; for monthly, type 12; for daily, type 365
EAR =EFFECT(B11, B12)
2. Find the effective interest rate for the first year for a loan for four years compounded semiannually at an annual rate of 2%
Quoted Rate
No. of compounding periods per year For Quarterly, type 4; for semiannually, type 2; for annually, type 1; for monthly, type 12; for daily, type 365
EAR =EFFECT(B17, B18)
3. What is the effective interest rate for the first year for a loan of $5,000 at 10% compounded daily for three years?
Quoted Rate
No. of compounding periods per year For Quarterly, type 4; for semiannually, type 2; for annually, type 1; for monthly, type 12; for daily, type 365
EAR =EFFECT(B23, B24)
4. Depending on the issuer, a typical credit card agreement quotes an interest rate of 18 percent APR. Monthly payments are required.
What is the actual interest rate you pay on such a credit card?
Quoted Rate
No. of compounding periods per year For Quarterly, type 4; for semiannually, type 2; for annually, type 1; for monthly, type 12; for daily, type 365
EAR =EFFECT(B30, B31)
5. Find the effective interest rate for a loan of $3,500 at 10% interest compounded quarterly.
Quoted Rate
No. of compounding periods per year For Quarterly, type 4; for semiannually, type 2; for annually, type 1; for monthly, type 12; for daily, type 365
EAR =EFFECT(B36, B37)
Question 10
SOLVED EXAMPLE
Tim Bowling has $20,000 invested for three years at a 5.25% annual rate compounded daily.
How much interest will he earn?
Initial Investment (PV) $20,000
Quoted Rate 5.25%
Compounding Frequency Daily Choose one
Number of compoundings (m) 365 For Quarterly, type 4; for semiannually, type 2; for annually, type 1; for monthly, type 12; for daily, type 365
Quoted Rate divided by m = RATE 0.0144%
Number of Years 3
NPER (Num. of years * m) 1095
Ending Amount (FV) $23,411.35
Compound Interest $3,411.35
Exercise
Find the future value of a $15,000 money market investment at 2.8% annual interest compounded daily for three years.
Initial Investment (PV)
Quoted Rate
Compounding Frequency Choose one
Number of compoundings (m) For Quarterly, type 4; for semiannually, type 2; for annually, type 1; for monthly, type 12; for daily, type 365
Quoted Rate divided by m = RATE
Number of Years
NPER (Num. of years * m)
Ending Amount (FV)
Compound Interest
Question 11
SOLVED EXAMPLE
The Holiday Boutique would like to put away some of the holiday
profits to save for a planned expansion. A total of $8,000 is needed in three years. How much
money in a 5.2% three-year certificate of deposit that is compounded monthly must be invested
now to have the $8,000 in three years?
Future Value Needed (FV) $8,000
Quoted Rate 5.2%
Compounding Frequency Monthly Choose one
Number of compoundings (m) 12 For Quarterly, type 4; for semiannually, type 2; for annually, type 1; for monthly, type 12; for daily, type 365
Quoted Rate divided by m = RATE 0.4333%
Number of Years 3
NPER (Num. of years * m) 36
Amount Invested Now (PV) $6,846.78
Exercise
How much should be invested now to have $15,000 in six years if interest is 4% compounded quarterly?
Future Value Needed (FV)
Quoted Rate
Compounding Frequency Choose one
Number of compoundings (m) For Quarterly, type 4; for semiannually, type 2; for annually, type 1; for monthly, type 12; for daily, type 365
Quoted Rate divided by m = RATE
Number of Years
NPER (Num. of years * m)
Amount Invested Now (PV)
Question 12
Jamie Juarez needs $12,000 in 10 years for her daughter’s college education.
How much must be invested today at 2% annual interest compounded
semiannually to have the needed funds?
Future Value Needed (FV)
Quoted Rate
Compounding Frequency Choose one
Number of compoundings (m) For Quarterly, type 4; for semiannually, type 2; for annually, type 1; for monthly, type 12; for daily, type 365
Quoted Rate divided by m = RATE
Number of Years
NPER (Num. of years * m)
Amount Invested Now (PV)
A loan of $8,000 for two acres of woodland is compounded quarterly at an annual
rate of 6% for five years. Find the compound amount and the compound interest.
Initial Investment (PV)
Quoted Rate
Compounding Frequency Choose one
Number of compoundings (m) For Quarterly, type 4; for semiannually, type 2; for annually, type 1; for monthly, type 12; for daily, type 365
Quoted Rate divided by m = RATE
Number of Years
NPER (Num. of years * m)
Ending Amount (FV)
Compound Interest

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