Question 2: (20 points)
A businessman borrowed $120,000 from a bank at a simple interest rate of 8% on June 12; the loan is due on September 20.
Find the number of days of the loan from June 12 until September 20.
Using exact interest, find the interest amount (I=?).
A trader borrowed $8,000 on a 120-day 4% simple interest note. He paid $1,000 toward the note on day 35. On day 80, he paid an additional $1,000. Assume a 360-day year, what is his ending balance due?
A service provider borrowed $75,000 from a local bank. The loan was for 15 months at a simple interest rate of 8%. What are the interest and the maturity value?