Calculate simple interest (rounded to the nearest cent):
a) $16,000 at 3% for 8 months
b) $15,000 at 6% for 6 years
c) $50,000 at 7% for 18 months
d) On May 6, Dawn Kristal borrowed $20,000 at 7%. Dawn must pay the principal and
interest on August 14. What are Dawn’s simple interest and maturity value if you use the
exact interest method?
e) What are Dawn Kristal’s (Problem 4) simple interest and maturity value if you use the
ordinary interest method?