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Question 2 (20 points) (A) A businessperson took out a loan of $ 60,000 from the Bank at a simple interest rate of 5.25% on
Question 2 (20 points) (A) A businessperson took out a loan of $ 60,000 from the Bank at a simple interest rate of 5.25% on March 15, which is due on June 11. (6 points) a) Find the number of days of the loan from March 15 until June 11. b) Using exact interest, find the interest amount (I=?) (B) A dealer borrowed $ 5,000 on a 120-day 3% simple interest note. He paid $ 1,000 toward the note on day 30. On day 80 he paid an additional $ 1,000. Assume 360-day year, what is his ending balance due? (7 points) (C) A Supplier borrowed S 14,000. The loan was for 15 months at a simple interest rate of 7%. What is the interest and the maturity value? (7 points)
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