[axel2012]

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?