1. Given the following, and using the ordinary interest method, solve for the Principal (P). Round to the nearest cent….

1. Given the following, and using the ordinary interest method, solve for the Principal (P). Round to the nearest cent. (2 points)

I = $79
R = 4.5%
T = 30 days

2. Given the following solve for the Rate (R). (2 points)

I = $103
P = $2,000
T = 4 months

3. Given the following solve for the Time (T) in days. Round to the nearest day. (2 points)

I = $64
P = $2,400
R = 3.75%

4. Recently Mr. Robie, the owner of the Black Cat Bakery, purchased some equipment for the Bakery. Mr. Robie purchased $24,000 in additional equipment, and made a cash down payment of $2,400. He secured a loan for the remaining $21,600, with an interest rate of 4.5%, and a time period of 90 days. (4 points)
A) Using ordinary interest, how much will he need to pay back at the end of 90 days?

B) Using exact interest, how much will he need to pay back at the end of 90 days? Round to the nearest cent.