SIMPLE INTEREST

• Use Day of the Year Table Activity -Use the Day of the Year Calendar to answer the question

Please either print or write out each question-and-answer question, showing your work where calculations are required:

Find the due date on a 120-day loan made on March 10.

4. Find the number of days from February 1 to August 1 during a leap year (see footnote at bottom of table).
5. Find the number of days from December 12 to February 8 of the following year.
6. Calculate the simple interest due on a $6500 loan made on January 30 and repaid on July 18 of the same year. The interest rate is 6.2%. The year is not a leap year.

5. A $1200 loan is made on February 22 of a leap year. The loan is repaid on October 15 of the same year. The simple interest paid on the loan is $80.63. Calculate the interest rate on the loan.
6. A $15,000 loan is made on September 28. The Interest rate is 7%. The loan is repaid on January 20 of the following year. Calculate the maturity value of the loan.