Question

Over the course of the last year, Thanh’s investment account has grown by 2.5%2.5%. Currently, Thanh has $2,665$2,665 in this account. What was the balance in his account one year ago, before this gain? One year ago the balance was what?

Find the length of the loan in months, if $800 is borrowed with an annual simple interest rate of 2% and with $817.333333333333 repaid at the end of the loan. Length of the loan = how many months?

Find the annual simple interest rate of a loan, where $500 is borrowed and where $545 is repaid at the end of 6 months. Annual simple interest rate = what percent?

Consider a discounted loan of $400, where the proceeds equal $356.66. The loan is repaid at the end of 13 months. Find the annual simple discount rate. Annual simple discount rate = what percent?

An investment pays simple interest, and triples in 7 years. What is the annual interest rate? Answer= what percent?

Answer 1

The questions of simple interest has been solved. The formulae with each question has been jotted down for easy understanding of the solution.

The solution consisting of 2 pages are attached below.