Number 32--- not sure how to do the time
A loan of SSI 20 at 9% made on January 30 and due May 20 A loan of $4100 at 12% made on June 24 and due February 12 of the next year A loan of $14,000 at made on August 12 and due March 19 of the next year Explain the difference between exact anti ordinary interest. As a borrower, would you prefer exact or ordinary interest? Why? (Sec Objective 3.) Solve the following application problems using exact interest. Round to the nearest cent. IRS PENALTY Nguyen lessthanorequalto started a new construction business but failed to withhold taxes from her employees at first. She owes the IKS $8327. on which the IRS also assesses a 40% per-year penalty rate. Find the penalty given that she is paying 100 days late MISSED TAX PAYMENT Bella Steinem missed an income tax payment. The payment was due June 15 and was paid September 7. The penalty was 14% simple interest on the unpaid tax of $4600. Find the penalty. PLAYGROUND EQUIPMENT The manager of a franchised kindergarten borrowed $46, 800 on October 30 at 12% simple interest. Find the interest due on March 15. GRAPHIC ARTS Ben Peterson borrowed $38, 500 on November 7 for a digital printer and some other equipment He agreed to repay the 10.5% rate loan on March 30 of the following year. Find the interest. Solve the following application problems using ordinary interest. Round to the nearest cent. PHOTOGRAPHY STUDIO Nolan Brinkman borrowed $48,000 on June 10 to open a photography studio. Given a rate of 12 1/4.% find the interest due on Christmas (December 25). WESTERN WEAK On May 18. the Wilson Dude Ranch bought a supply of assorted Western wear and saddles for $ 16.905. I he ranch agreed to pay for it on August 30. with 10 1/2% interest. Find the interest owed. PLUMBING Suarez Plumbing can borrow $1, 250,000 for 300 days at 10i 1/2 % interest. A few years ago when interest rates were low. the same loan would have had an interest rate of 8|%. Find the difference in the interest charges. CONSTRUCTION IN MEXICO A construction company in Mexico City borrows 300,000 pesos for 90 days at an interest rate of 8%. The same loan would have been at a rate of 35% several years ago. Find the difference in the interest charges based on the two rates. In Exercises 39-42 find the (a) exact interest and (b) ordinary interest for the following, rounded to the nearest cent. Then (c) find the amount by which the ordinary interest is larger. $18,000 at 9% for 120 days $75,000 at 11% for 120 days
