What is the interest rate on a 2-year loan for 5,500 which accrues 1,430 in ordinary simple ...

What is the interest rate on a 2-year loan for 5,500 which accrues 1,430 in ordinary simple interest? Round to the nearest whole percent.

Q. 2

What is the ordinary simple interest on a 225-day loan of 1,250 at 8.7?

Q. 3

What is the simple interest on a 3-year loan of 11,000 at 2.5?

Q. 4

Alex is using Excel to calculate the compound interest he will receive on an investment. His investment accrues interest on a quarterly basis. If the yearly interest rate is 8 and stored in Cell B3, what formula should Alex use to calculate the 1st quarter interest rate?
 A) =B3/3
  B) =B3/4
  C) =B33
  D) =B34

Q. 5

The date of a promissory note is entered in Cell A2 as a date; 4/10/2010, and the number of days before discount is entered in Cell A3 as a number, 35. What must be done in Excel to calculate the discount date?
 A) Both Cell A2 and Cell A3 must first be converted to dates and then added together.
  B) Both Cell A2 and Cell A3 must first be converted to numbers and then added together.
  C) Subtract Cell A3 from A2.
  D) Add cell A3 to A2.

Q. 6

What is the compound interest earned on Josef's principal of 2,750 at 8 interest compounded quarterly for 2 years? Round to the nearest cent after each calculation.
 A) 327.86
  B) 440.00
  C) 472.06
  D) 620.00