Homework 2 MULTIPLE CHOICE, Choose the one alternative that best completes the statement or answers i question. Find the interest, Round to the nearest cent. 1) 1)S920 at 15% for 7 months A) Interest- $19.71 B)interests $80.50 C) Interest $966.00 Interest-$8050.00 2)$1950 at 16% for 23 months Interest-S598.00 C) Interest-$7176.00 2) B) Interest $59,800.00 D) Interest $13.57 Find the exact interest. Use 365 days in a year, and use the exact number of days in a month. Round to the nearest cent, if necessary. 3)S1500 at 13% for 55 days 3) A) $2.98 B) $29.79 C) $29.38 D) $2.94 4) A loan of$76,000 at 11%made on Feb 17 and due or,June 30 4) A) $3088.56 B) $3114.96 C)$3158.22 D) 01 boo Solve the problem. 5)AS8600 note is signed, for 280 days, at a discount rate of 11.5%. Find the proceeds. A) $7830.78 B) $8600.00 C) $7611.00 D) $7841.32 6) Ted owes S10000 to Mary. The loan is payable in 1 year at 10%, Mary needs ash, so 6 5 months before the loan is payable she goes to her bank which will pay her the maturity value of the note less a 14% discount fee. Find the amount Mary will receive. A) $9716.67 B) $10.35833 C)$641.67 D) $10,230.00 7) Tuition of $2700 is due when the spring term begins, in 3 months. What amount should a student deposit today, at 11%, to have enough to pay tuition? A) $2627.74 B) $2651.39 C) $2432.43 D) $72.26 8) Allan borrowed $500 from his father to buy a car. He repaid him after 11 months with interest of 12%. Find the total amount he repaid. A) $6608.00 B) $6490.00 C)$649.00 D) $6549.00 Find the actual interest rate paid, to the nearest tenth, on the simple discount note 9)$30,000, discount rate 4%; length of loan 6 mo A) 72% B) 70% C) 76% D) 4.1% A-1