# Project #79982 - Simple Interest

Question #1 – Simple Interest
Jack borrowed money to finance his new business. Private investors offered Jack \$28,000 of the \$35,000 he needed.  To make up the difference, Jack secured a small business, simple interest loan. Jack’s loan was structured as an installment loan and required him to pay \$297.50/month for 30 months. Calculate the amount financed, total installment price, the finance charge, and the interest rate.

Each of the problems you will be solving requires using your calculator to compute solve a financial equation. In order to calculate answers correctly, it is important that you follow several important rules: Ñž

1. Follow the Order of Operations to solve complicated problems.
2. Attempt to solve equations without writing down intermediate values. If you must write down values, keep as many digits or decimal places as you can. Better yet, use the memory locations in your calculator to store intermediate values.
3. NEVER round intermediate calculations. Only round the final answer.

 Subject Mathematics Due By (Pacific Time) 08/23/2015 08:00 pm
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