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MA 110 Group Work: Loan Interest Calculation, Exercises of Mathematics

Kent State University (KSU) - Ashtabula CampusMathematics

A group work assignment from ma 110 course, where students are required to calculate the interest paid and annual interest rate for a loan pay-off amount. The document also includes a problem asking for the pay-off amount if the annual interest rate was different.

Typology: Exercises

2019/2020

Uploaded on 06/15/2020

laalamani
laalamani 🇺🇸

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MA 110 GROUP WORK (3.1)
Name _______________________________________ SCORE ____ / 15
*** KEEP GRADED PAPERS FOR YOUR RECORDS ***
SHOW STEPS TO RECEIVE CREDIT!!
A check for $3,122.50 was used to retire (pay-off) a 5-month loan of $3,000.
A. How much interest was paid?
B. What annual rate of interest was charged?
C. How much would the pay-off amount be if the annual interest rate was 12%

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MA 110 GROUP WORK (3.1)

Name _______________________________________ SCORE ____ / 15 *** KEEP GRADED PAPERS FOR YOUR RECORDS *** SHOW STEPS TO RECEIVE CREDIT!! A check for $3,122.50 was used to retire (pay-off) a 5-month loan of $3,000. A. How much interest was paid? B. What annual rate of interest was charged? C. How much would the pay-off amount be if the annual interest rate was 12%