Application Simple Interest Rate Interest Principal x Time 4 INTEREST RATE An investment of 6000 paid 540 00 in SIMPLE INTEREST over a 2 year period Calculate the interest rate State your answer as a PERCENTAGE rounded to 1 decimal place 0 045 Knowledge Compound Interest 0 45 4 5 5 Penny Saver purchased a Canada Savings Bond in the amount of 1400 The interest on 84 7 12 For COMPOUND INTEREST A P 1 i 6 Penny Saver purchased a Canada Savings Bond in the amount of 1400 The interest on the bond was 5 7 compounded monthly She has the bond for 7 years What is i 0 457 0 0457 0 00457 7 Penny Saver purchased a Canada Savings Bond in the amount of 1400 The interest on the bond was 5 7 compounded monthly She has the bond for 7 years What is A or the total that the bond is worth after 7 years 3302 45 2053 36 59748 23 8 A car loan payment of 5000 is due in 4 years The bank will accept payment today at a discounted interest rate of 7 interest compounded quarterly If the payment was made today how much it be 3466 81 2981 12