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Question 2: (20 points) (A) Mr. Zaher is doing Retail Business in KSA and he took out a loan of $ 250,000 from the Bank
Question 2: (20 points) (A) Mr. Zaher is doing Retail Business in KSA and he took out a loan of $ 250,000 from the Bank at a simple interest rate of 6% on May 12, which is due on August 16. (7 points) a) Find the number of days of the loan from May 12 until August 16. b) Using exact interest, find the interest amount (1-2). (Round to dollars) B) Aydealer borrowed $ 25,000 on a 150 - days 4% simple interest note. He paid $ 10,000 toward the note on day 30. On day 80 he paid an additional $ 10,000. Assume 360-days year, what is his ending balance due? (7 points) (C) A Merchandiser borrowed $ 100,000. The loan was for 18 months at a simple interest rate of 4%. What is the interest and the maturity value? (6 points)
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