Louisiana State University Personal Finance Interest Rate Questions

1. The principal P is borrowed at a simple interest rate r for a period of time t. Find the simple interest owed for the use of the money. Assume there are 360 days in a year. P =$8000, r =2.0%, t =15months 2. The principal P is borrowed at a simple interest rate r for a period of time t. Find the simple interest owed for the use of the money. Assume 360 days in a year. **P** =$15,500, **r** =5%, **t** **=** 30 days 3. The principal P is borrowed at a simple interest rate r for a period of time t. Find the loan’s future value A, or the total amount due at time t. P = $2000, r = 4%, t = 3 years 4. The principal P is borrowed at a simple interest rate r for a period of time t. Find the loan’s future value A, or the total amount due at time t. P = $31,000, r = 5.5%, t = 4 years 5. The principal P is borrowed at a simple interest rate r for a period of time t. Find the loan’s future value A, or the total amount due at time t. **P** =$3000, **r** =5.5%, **t** **=** 3 months 6. The principal P is borrowed and the loan’s future value A at time t is given. Determine the loan’s simple interest rate r. P = $9000.00, A = $9810.00, t = 1 year 7. The principal P is borrowed and the loan’s future value A at time t is given. Determine the loan’s simple interest rate r. P = $9000.00, A = $9810.00, t = 3 years 8. Determine the present value P that must be invested to have the future value A at simple interest rate r after time t. A = $2500, r = 18%, t = 5 years 9. Determine the present value P you must invest to have the future value A at simple interest rate r after time t. **A = ****$** 14,000 **,** **r = **5.0 **%,** **t = **5 years The present value that must be invested to get $14,000 after 5 years at an interest rate of 5.0% is ? 10. Determine the present value P that must be invested to have the future value A at simple interest rate r after time t. A = $4000.00, r = 10.0%, t = 9 months 11. In order to start a small business, a student takes out a simple interest loan for $7000.00 for 9 months at a rate of 7.75%. **a.** How much interest must the student pay? **b.** Find the future value of the loan. 12. Suppose that you borrow **$** 4000.00 from a friend and promise to pay back **$** 8000.00 in 5 years. What simple interest rate will you pay?

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