Each Question is worth 5 points. The total score that you can receive is 50 points. Please show all work and formu 1) ABCD Company borrowed $1,200 on a 90-day, 11 % note . After 15 days, ABCD paid $200 toward the note. ABCD made an additional payment of $150, 40 days later. What is the final balance due and total interest for the U.S. Rule? Use ordinary interest. 2) Marcia Rodger borrowed $3,500 from Valley Bank at a rate of 9%. The date of the loan was October 10. Marcia hoped to repay the loan by February 10. Assume the loan is based on ordinary interest. What will the interest cost be? How much will Marcia repay on February 10? What would the payback be if exact interest was used? 3) Mike French borrowed $9,000 at 9% for 85 days. Calculate Mike's proceeds from this simple discount note. Assume ordinary interest. What is the effective rate of interest to nearest hundredth percent? 4) The face value of both a simple interest and a simple discount note are $6,000. If both notes have interest rates of 8% for 90 days, calculate: a. Amount of interest charged for each type of note. b. Amount each borrower would receive. c. Amount payee would receive at maturity. 5) Ryan Furniture wants to buy new office equipment for $8,000 with a 5 % cash discount. Ryan needs more cash to pay the bill and is considering discounting a 130-day note dated May 4 with a maturity value of $7,000 at Security Bank at a discount rate of 9% on July 8. Should Ryan discount the note? 6) Mark Ford deposits $11,800 into Role Bank, which pays 8% interest that is compounded quarterly. How much will Mark have in this account at the end of 4 years? 7) Roger Smith opened a new savings account. He deposited $35,000 at 6 % compounded semiannually. At the start of the fourth year, Roger deposits an additional $40,000 that is also compounded semiannually at 6 %. At the end of 6 years, what is the balance in Roger Smith's account? 8) Bill deposited $7,000 in Agree Bank at an interest rate of 8 % compounded quarterly. What was the effective rat 9) John Payer, owner of Payer's Garage, estimates he will need $55,000 for new equipment in 8 years. John decided he would put aside the money now so that in 8 years the $55,000 will be available. His bank offers him 8% interest compounded semiannually. How much will John invest today so his account will have $55,000 in 8 10) Suzy Sullivan invests $6,000 in Rancho Bank where interest is compounded daily. The rate of interest is 8 % What will Suzy's interest grow to at the end of 5 years? Each Question is worth 5 points. The total score that you can receive is 50 points. Please show all work and formu 1) ABCD Company borrowed $1,200 on a 90-day, 11 % note . After 15 days, ABCD paid $200 toward the note. ABCD made an additional payment of $150, 40 days later. What is the final balance due and total interest for the U.S. Rule? Use ordinary interest. 2) Marcia Rodger borrowed $3,500 from Valley Bank at a rate of 9%. The date of the loan was October 10. Marcia hoped to repay the loan by February 10. Assume the loan is based on ordinary interest. What will the interest cost be? How much will Marcia repay on February 10? What would the payback be if exact interest was used? 3) Mike French borrowed $9,000 at 9% for 85 days. Calculate Mike's proceeds from this simple discount note. Assume ordinary interest. What is the effective rate of interest to nearest hundredth percent? 4) The face value of both a simple interest and a simple discount note are $6,000. If both notes have interest rates of 8% for 90 days, calculate: a. Amount of interest charged for each type of note. b. Amount each borrower would receive. c. Amount payee would receive at maturity. 5) Ryan Furniture wants to buy new office equipment for $8,000 with a 5 % cash discount. Ryan needs more cash to pay the bill and is considering discounting a 130-day note dated May 4 with a maturity value of $7,000 at Security Bank at a discount rate of 9% on July 8. Should Ryan discount the note? 6) Mark Ford deposits $11,800 into Role Bank, which pays 8% interest that is compounded quarterly. How much will Mark have in this account at the end of 4 years? 7) Roger Smith opened a new savings account. He deposited $35,000 at 6 % compounded semiannually. At the start of the fourth year, Roger deposits an additional $40,000 that is also compounded semiannually at 6 %. At the end of 6 years, what is the balance in Roger Smith's account? 8) Bill deposited $7,000 in Agree Bank at an interest rate of 8 % compounded quarterly. What was the effective rat 9) John Payer, owner of Payer's Garage, estimates he will need $55,000 for new equipment in 8 years. John decided he would put aside the money now so that in 8 years the $55,000 will be available. His bank offers him 8% interest compounded semiannually. How much will John invest today so his account will have $55,000 in 8 10) Suzy Sullivan invests $6,000 in Rancho Bank where interest is compounded daily. The rate of interest is 8 % What will Suzy's interest grow to at the end of 5 years