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Back to 6.3 Simple Interest

6.3 Exercise 13

Avg difficulty 2.5
  1. A simple interest loan for $6,500 is taken out at 12.6% annual percentage rate. A partial payment is made 45 days into the loan period. How much of the partial payment will be for interest?
  2. A simple interest loan for $13,700 is taken out at 6.55% annual interest rate. A partial payment is to be made after 60 days. How much of the partial payment will be for interest?

OpenStax Contemporary Mathematics, 6.3 Simple Interest, exercise 13

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Adapted from Contemporary Mathematics © 2023 Rice University. Licensed under CC BY 4.0. Source: Contemporary Mathematics. Imported at revision fa7c1a1.