A loan for $3,000 with a simple annual interest rate of 15% was made on June 15 and was due on August 15.

11. Find the exact interest.

12. Find the ordinary interest.

13. The loan in exercise 11 was made to avoid a $100 price increase that will take place on June 20. The equipment is needed now but the money to pay for the equipment will not be available until the middle of August. Is it advisable to borrow the money to get the equipment now?

14. Find the adjusted balance due at maturity for a 90-day note of $15,000 at 13.8% ordinary interest if a partial payment of $5,000 is made on the 60th day of the loan.

11.3

1. Jose makes a simple discount note with a face value of $2,500, a term of 120 days, and a 9% discount rate. Find the discount.

2. Find the proceeds for number 1.

3. Find the discount and proceeds on a $3,250 face-value note for six months (180 days) if the discount rate is 9.2%.

7. Shanquayle Jenkins need to calculate the effective interest rate of a simple discount note for $19,750, at an ordinary bank discount rate of 7.82%, for 90 days. Find the effective rate rounded to the nearest hundredth of a percent.