1 - Simple Interest on business mathematics PDF

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SIMPLE INTEREST On 11 January 2016, Iqbal deposited RM5,000 in an account that offered r% simple interest per annum. If the interest earned on 16 April 2016 was RM45, find the value of r by using exact time and exact simple interest. 3% A loan of RM300 will become RM333 after a certain period of tim...

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SIMPLE INTEREST 1. On 11 January 2016, Iqbal deposited RM5,000 in an account that offered r% simple interest per annum. If the interest earned on 16 April 2016 was RM45.38, find the value of r by using exact time and exact simple interest. 3.46% 2. A loan of RM300 will become RM333.75 after a certain period of time. If the loan is charged a simple interest rate of 7.5% per annum, find the number of days using Banker’s Rule. 30 3. Kevin invested RM4,000 in a scheme on 18th October 2016. The investment offered a simple interest rate of 5% per annum. By using approximate time and exact simple interest, find the total interest received on 20 th December 2016. RM33.88 4. Shiela had saved RM3,000 in an account that offered r% simple interest per annum on 20 March 2015. If the interest on 6 June 2015 was RM50, find the value of r using Banker’s Rule. 7.69% 5. Gina saved RM3,000 in an account that offered 3.8% simple interest for 240 days. Find the accumulated amount using ordinary simple interest. RM3,076 6. Maria deposits RM3,500 in a bank that offers 5% simple interest. Find the amount after 4 years 3 months. 4243.75

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7. Encik Rosli saved RM3,200 at 6% simple interest. Five months later he decided to withdraw the amount of interest earned to help pay for a new camera. How much did he withdraw? RM80 8. Delfina deposited RM6,200 in her Leftside Bank account which pays simple interest at 2.5% per annum. If she deposited that money in Rightside Bank for 2 years, she would have earned an interest of RM124 more that in Leftside Bank. a) Find the simple interest rate given by Rightside Bank. 3.5% b) How long would she need to invest in Rightside Bank to have RM7,285 in the account? 5 years 9. A college student deposited RM1,500 in an account when he was 18 years old. The simple interest rate offered was 4.85%. Calculate the simple interest earned when the college student is 25 years old. RM509.25 10. Raju paid RM8,200 on 12 September 2011 for his loan of RM8,000 made on a certain date. The simple interest rate was 5% per annum. Using Banker’s Rule, determine the term of the loan (in days) and the date of the loan. 180 days/ 16 March 2011 11. Suzy took a personal loan with a simple interest rate of 8.5%. after 4 years and 9 months she has to pay back RM35,809.66. Find the amount of the loan. RM25,510 12. Hyuna deposited RM10,000 at ABC bank with a simple interest rate of 7%. After 6 years she added another RM5,500 into the same bank. Find, a) The balance in the account RM24040 b) The interest earned RM8540 after 10 years from the first savings. 13. James took a personal loan of RM22,000 to pay his education fee. The bank charges him a simple interest rate of 9.2%. if he has to pay back RM37,180, find the term of the loan. 7.5 years 14. Emil has deposited a sum of money in Bank Rakyat and the balance in the account on 29 th May 2011 was RM6,556.55. He was charged with a 5.8% simple interest. If he has kept the money in the bank for 54 days, find the date he deposited the money and the original amount he deposited in the bank using Banker’s Rule. RM6500/ 5 April 2011 MAT 112 Mohd Halimi Hamid

MAT 112 Mohd Halimi Hamid...