QNM106 Chapter Notes - Chapter 2: Interest, Mutual Fund, Pawnbroker

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Published on 23 Jan 2020
School
Seneca College
Department
QNM
Course
QNM106
Henry had to pay $350 as interest payment on a loan that he had taken
for a period of 5 months. If he received the loan at 9.28% p.a., what was
the principal amount of the loan?
A short-term loan of $18,000 was issued to an employee at 7.8% p.a.
What was the time period of the loan (rounded up to the next day) if the
interest charged was $2400?
What was the rate of simple interest per annum offered on a savings of
$6500 if the interest earned was $300 over a period of 6 months?
Lucy accumulated $6500 in a mutual fund after investing for 2 years. If
the simple interest rate is 6.5% p.a., how much did she invest at the
beginning?
$6711.25
$3250.00
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