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

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Published on 23 Jan 2020

Department

QNM

Course

QNM106

Professor

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