Mrs. Wilson borrowed $5,760 from a bank at 8.25% per annum simple interest for 9 months. Evaluate: a) the simple interest Mrs. Wilson paid the bank for the money borrowed b) the total amount of money that was repaid to the bank c) the amount of each monthly instalment 2. Calculate the rate per cent per annum if $250 simple interest is paid when $800 is invested for 5 years.

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
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Mrs. Wilson borrowed $5,760 from a bank at 8.25% per annum simple interest for 9 months. Evaluate: a) the simple interest Mrs. Wilson paid the bank for the money borrowed b) the total amount of money that was repaid to the bank c) the amount of each monthly instalment 2. Calculate the rate per cent per annum if $250 simple interest is paid when $800 is invested for 5 years. 3. Determine the number of years in which $500 invested at 9% per annum will earn $450 as simple interest. 4. $855 simple interest was paid when $4500 was invested at 4.75% per annum. Determine the period of investment. 5. Calculate the amount of money invested at 8.5% per annum, when $2,488.80 simple interest was collected after 3 years. 6. Mr. Frank’s bank pays interest at 8% per annum on money he has on deposit. What amount is in his account if the simple interest for 7 months is $42?
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