5. Randy borrowed $6600 on a 4.8% discount note for a period of 1 year 3 months. Remember that the interest on a discount note is pre-paid. a. Find the interest Randy paid to the lender on the date she received the loan. b. Find the net amount Randy received from the lender. C. What was the actual rate of interest for the loan? Use the "Day of The Year" table under "Course Tools" on Blackboard to calculate time for problems #6 and 7. 6. Use the Banker's Rule to determine the simple interest that will be paid on a $7500 loan an annual interest rate of 3.6% for the period July 31 to November 28? 7. Use the United States rule and the Banker's rule to answer the questions about the loan described in the table. Principal Rate Effective Date Maturity date Partial payment amount $3600 $2400 Partial payment date Oct 15 Dec 1 $12,000 4.8% Sept 1 Jan 14 a. How much principal was paid on Oct 157 b. How much principal remained after the partial payment on Oct 15? c. How much principal was paid on Dec 1? 5 d. What was the total payment on the Jan 14 maturity date? e. What was the total amount paid to the lender? f. What was the total interest paid to the lender? See next page 6 B. If the borrower had not made the partial payments, what would be the total amount paid to the lenderon the Jan 14 maturity date? That is what would total be if the borrower paid off the entire loan in a single payment on Jan 14? h. How much total interest would have been paid according to the scenario in part g? 1. How much did the borrower save on interest by making the partial payments? 7