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Select an appropriate piece of equipment and calculation method to complete these calculations: Calculate the simple interest amounts by completing the following table: Principal Interest

Select an appropriate piece of equipment and calculation method to complete these calculations:

  1. Calculate the simple interest amounts by completing the following table:

Principal

Interest rate

Interest amount

$25,000

15.5%

$8,500

7.5%

$79,500

11%

  1. You have borrowed $18,000 for 4 months. The interest rate is 12.5% per annum (simple interest). Calculate how much interest you will have to pay over the 4 month period. Show your workings.
  1. You have borrowed $360,000 for 3 years. The interest rate charged is 3.5% the interest compounds at the end of each year. You make no repayments on this loan over the 3 years. Calculate the total amount owed at the end of 3 years by competing the following table. Round your answers to the nearest whole dollar.

Principal Year 1

$

Interest Charge Year 1

$

Total amount owning at the end of year 1 $

Interest charge year 2

$

Total amount owning at the end of year 2 $

Interest charge year 3

$

Total amount owning at the end of year 3 $

360,000

  1. Which piece of equipment is the most appropriate to perform the above calculations

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