This is one way that interest is calculated on a loan or investment. Create a loan scenario: Tell a story about the purpose of the loan, who was involved, and explain the terms and conditions of the loan. Present your scenario to the class; make sure it includes values for three of the four variables for the simple interest formula. Do not solve the problem, but let your classmates complete the solution. Provide two replies to other student posts. These replies should be at least 2-3 sentences and should be written to further the discussion. The Discussion Board is where you post your responses to the Discussion topics and share your experiences in completing exercises and applying the concepts of this course. You will need to post an initial response that thoroughly covers the topic(s). You will also need to respond substantially to at least two of your classmates’ posts. These replies should be at least 2-3 sentences that further the discussion (remark on something specific from the post, tactfully point out mistakes, ask questions about the post, etc.).

You should post throughout the unit to get assistance on problems with which you may be having issues. This will also to give your classmates the opportunity to respond to your ideas. State the simple interest formula and explain how simple interest is calculated. 41,545 for 4 1/2 years at 7.5% interest per year. Round to the nearest cent. How much is owed in total at the maturity date? 7,000, at 6% yearly interest on the date that Unit 4 starts. If you repay the loan on December 31st (at the end of the current year). Using ordinary interest, calculate the interest and total owed. Using exact interest, calculate the interest and total owed. 20,000 at 5%, on a 90 day note. 10,000 on the loan. What is your new principal? Explain how you got the answer. How much did you pay at the end of the loan overall? 10,000 after 45 days?

11,000 at 8% annual simple interest from June 15 to September 15 for this year. Use the steps below to find your answers. Explain the difference between a simple interest note and a simple discount note. What is the bank discount? What are the proceeds that Joe Smith receives? What is the amount Joe Smith repays? 2100 for one year at a simple interest rate of 9 % per year. 2. Convert to years, expressed in decimal form to the nearest hundredth? 3. A loan is made for 42 months convert the time to years. 44,000 construction loan to remodel a house. The loan rate is 8.2 % simple interest per year to be repaid in nine months. How much is paid back? 600 in interest over a period of 1 year. 600 in interest over a period of 1 year. 21,000 to purchase stock for his baseball card shop. He repaid the simple interest loan after three years.

6,700. What was the interest rate? 6000 at 9% annually for 80 days? 8. A loan made on March 15 is due September 8 of the following year. Find the exact time for the loan in loan in a non-leap year and a leap-year. 9. A loan is made on march 18 for 179 days .find the due date. 4,000 on the note on the 14 th day. Critique the use of bank debit cards. Bank debit cards are becoming a popular alternative to using checks or credit cards. Investigate the advantages and disadvantages of using a bank debit card and answer the questions below. Where did you get your information? • Was it the most reliable resource? Why or why not? • How could you have improved the reliability of your resource? • How has technology, such as online banking, affected these aspects? Discuss any pros and cons about the effects of technology on the aspects of reliability. An installment loan is a loan that has regular payments due by the borrower.

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