Indira paid interest charges of $171.85 on a $4,910 invoice that was two months overdue.

 What monthly rate of simple interest was she charged?

Raimo borrowed $760 from Chris on October 10 and agreed to repay the debt with simple interest at the rate of 4.4% on May 11.

 How much interest was owed on May 11? Assume that February has 28 days.

On July 6, 2016, $1400 was borrowed at an interest rate of 9.75%. On what date was the loan repaid if the amount of accrued interest was $74.05?

1)

1.75% per month

2)

Interest accrued is $19.51

3)

Payoff date is January 20th.

Step-by-step explanation

1)

Interest = ( Interest/month) (Number of months) (Principal)

$178.85 = (Monthly interest)( 2 months)($4,910) = Monthly interest ( $9,820) or

Monthly interest = $178.85/$9,820) = 0.0175 or

1.75% per month was the interest on the loan.

2)

There are 213 days between October 10 and May 11. Annual interest rate is 4.4%.

Interest = (213/365)(Annual interest)(Loan) =

(213/365)(4.4%)($760) =

$19.51 was the amount of interest.

3)

Interest = (Days) (Interest per day)(Principal) ; (Annual interest is 9.75%)

$74.05 = (Days D) ( 0.0975/365)($1,400)

Days D = 74.05/(0.0975/365)($1,400) =

198 days. 

198 days from July 25 makes the payoff date to be

January 20th.