Final answer:
Interest on the boat loan is calculated for d. 33 days since the interest starts accruing from the date of the loan agreement to the payment receipt date. Additionally, for the finance examples, a $5,000 loan at 6% simple interest for three years would accrue $900, and a $10,000 loan at 1% simple interest for five years would bring in $500.
Step-by-step explanation:
Interest is generally calculated based on the number of days from the date of the loan agreement to the payment receipt date. Since the loan originates on June 8 and the lender receives the payment on July 10, you count every day in between to determine interest calculation days.
From June 8 to July 7 is 30 days (assuming June has 30 days). The lender receives the payment on July 10, which is three days after the payment was due, so that is an additional 3 days.
Therefore, the total number of days interest is calculated would be 30 days + 3 days = d. 33 days.
If we look at the example finances provided: A loan of $5,000 with simple interest of 6% over three years would accrue a significant amount of interest. For the given interest rate and time period, the calculation would be Interest = Principal × Interest rate × Time, or I = $5,000 × 0.06 × 3, which equals $900.
Similarly, if you received $500 in simple interest on a five-year term loan for $10,000, this indicates an annual interest rate of 1% since I = Principal × Rate × Time, or $500 = $10,000 × Rate × 5. Solving for the rate gives 0.01 or 1% per annum.