SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question.
Find the proceeds to the nearest cent when the following is discounted.
1) Maturity value: $9000
Discount period: 60 days
Discount rate: 9.5%
Find the exact interest to the nearest cent.
2) $4500 at 11% for 130 days
4500 \cdot 11 \cdot 130 = $64350
Find the proceeds to the nearest cent when the following is discounted.
3) Maturity value: $93,180
Discount period: 150 days
Discount rate: 10%
Solve the problem. Round dollar amounts to the nearest cent. Use ordinary interest unless otherwise indicated
4) Linda Young bought a new computer system. To pay for the system, she borrowed $4260
from the credit union at $11\frac{5}{6}$% interest for 120 days. Find the interest.
5) Frank borrowed $61,705 from the bank at 10.3% for 195 days to expand his bike shop. Find
the maturity value.