1. Given: 11%, 120 day, $7,000 Note, Partial Payments: Day 30--$900, Day 90--$1,200. Find the adjusted balance (principal) using the U.S. Rule (360 day) after the first payment.
2. Solve: Round to nearest cent or hundredth percent as needed. Principal: $5,000, Rate:?, Time: 7mos., Simple Interest: $405,
3. Ron Tagney owns his own truck. His June interest is $210. The current rate of interest is 11%. Assuming a 360-day year, what was Ron's principal balance at the beginning of June? (Round to nearest cent).
4. Bill Roe visited his local bank to see how long it will take for $3,000 to amount to $3,600 at a simple interest rate of 6 percent. Could you provide Bill with the solution to his problem in years?
5. Compute (a) Bank discount; (b) Proceeds for the following simple discount (use ordinary interest); and (c) the effective interest rate to nearest hundredth percent. Face: $12,000, Discount rate: 10%, Time: 125 days.
6. Mobil Oil Company accepted a $10,000, 120-day note, dated March 3, at 8