6.) A man took out a $48,000 construction loan to remodela house. The loan rate is 8.3 % simple interest per year to be repaid in six months. How much is paid back? 7.) A man needed money to buy lawn equipment. He borrowed $700.00 for five months and paid $53.97 in interest. What was the rate of interest? Round your answer to the nearest tenth. 8.) Linda Davis agreed to lend money to Alex Luciano at a special interest rate of 8 % per year, on the condition that he borrow enough that he would pay her $500 in interest over a four-year period. What was the minimum amount Alex could borrow? 9.) A man needed money for college. He borrowed $7,000 at 14% simple interest per year. If he paid $735 interest, what was the duration of the loan? 12.) A loan made on March 7 is due September 13 of the following year. Find the exact time for the loan in a non- leap year and a leap year. 14.)Find the exact interest on a loan of $32,000 at 9% annually for 30 days. 15.)A loan for $2,000 with a simple annual interest rate of 15% was made on June 13 and was due on August 13. 16.)A loan for $3,000 with a simple annual interest rate of 13% was made on June 29 and was due on August 4. Find the ordinary interest. 17.)Find the adjusted balance due at maturity for a 90 day note of $12,000 at 13.8 % ordinary interest if a partial payment of $6,000 is made on the 60th day of the loan. 18.)A man makes a simple discount note with a face value of $2,200, a term of 140 days, and an 18 % discount rate. Find the discount. (Use the banker's rule.) 19.)Find the discount and proceeds on a $3,250 face-value note for nine months if the discount rate is 9.5 X. (Use the banker's rule.) 20.) A man has a simple discount note for $6,300, at an ordinary bank discount rate of 8.53%, for 40 days. What is the effective interest rate? Round to the nearest tenth of a percent. (Use the banker's rule.) 21.JShane Jenkins needs to calculate the effective interest rate of a simple discount note for $ 22,500, at an ordinary bank discount rate of 7.84 %, for 90 days. Find the effective rate. 221 A man holds a note of $6,000 that has an interest rate of 12% annually. The note was made on March 16 and is due November 14. He sells the note to a bank on June 11 at a discount rate of 11% annually. Find the proceeds on the third-party discount note. (Use the banker's rule. Round the final answer is the nearest lucu needed. Round all intermediate values to the nearest hundredth as needed.)
