5. On June 1, Bertha Hammond deposited $545 in a savings account at Metro Sav- ings and Loan Association. At the end of November her interest was computed at an annual interest rate of 7%. How much simple interest did Bertha's money earn?

Q: I borrowed $3650 from a bank for 8 months. The bank discounted the loan at 7.5%. How much interest…

A: We need to use simple interest formula below to calculate interest or discount on loan.Simple…

Q: every month in a savings account that earns 3.20% compounded monthly. a. How much did Brian have in…

A: A series of regular fixed periodic payments made at each interval is annuity. The broad…

Q: 7. On April 1, Michael Reeves deposited a refund check for $240.85 in a savings account at Northern…

A: Simple interest is concept where the interest is never capitalized to the original loan/investment…

Q: Gabrielle held a loan of $1,900 for 6 months and was charged interest of $106.40. What was the…

A: Two types of interest calculations are there: Simple Interest = As the name suggest it simply…

Q: Lorna deposited $1,600, at the beginning of every six months for 10 years, in an account at her…

A: Future value is a value of an investment or asset on a specific date in the future based on growth…

Q: Michael and Barbara Garfield invested $6,600 in a savings account paying 6% annual interest when…

A: In the given question, $ 6,600 is deposited in savings account at the time of birth of their…

Q: 24. Francois DuFresne deposits $350.00 in a savings account. The account an annual interest rate of…

A: Simple Interest(SI) is the value earned on a principal(P) over a period(T) at a particular rate of…

Q: 6. Jasper Brown deposited $743.20 in a savings account at the Suburban Trust Com- pany on May 1. At…

A:

Q: vince has just opened an 18-month certificate of deposit on which interest compounds daily. he…

A: Certificate of deposit refers to a savings account that pays a fixed rate of interest for a definite…

Q: Jim Jones deposited $19,000 in a savings account at 7% interest compounded daily. At the end of 6…

A: The Future Value is calculated with the help of following formula  A = P (1 + r/n) nt A = Future…

Q: When Gerardo was born, his grandparents started a savings account for him with a beginning balance…

A: Interest earned:Interest gained is the income that gradually appears as a reward for the patience…

Q: Gracie deposited $20,000 into an account that compounds interest weekly at a rate of 1.56%. Each…

A: A mortgage weekly loan payment is a recurring payment made by a borrower to repay a mortgage loan.…

Q: 8. On April 1, you opened a savings account at Main Street Savings Bank with a deposit of $817.25.…

A: A method of computing interest amounts in which the compounding effect was not considered by the…

Q: Gabrielle Patterson deposited $3,600 in a new savings account. She made no other deposits or…

A: Interest is calculated in two ways compound interest and simple interest.

Q: Jessica borrows $1,000.00 from a credit card company at 18% annually for two years.  Determine…

A: Credit card companies charge interest on a monthly basis so an 18% annual rate will turn out to be…

Q: 1. On August 1 you opened a new savings account with a deposit of $1,400. The interest rate paid by…

A: Initial deposit on August 1 is :

Q: Sara made 10 payments of $108.50 to the credit union. The original loan amount was $1000. After she…

A: Payments made = $108.50 for 10 times Original Loan = $1000 Interest Amount = Total Payment made -…

Q: Winston deposited $3,294 in a bank account with annual interest rate 2.6%. How much interest was…

A: Data given:P=$3294Interest rate=2.6% (annual compounding)n=5 yearsRequired: Interest earned in 5…

Q: Chandrika deposits $500 in an account paying an effective quarterly interest rate 2.01875%. Muhammad…

A: Present Value:  The present value (PV) is the present sum of the future payments. The future…

Q: Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each…

A: Future value = Present value ( 1 + rate of interest )Period Future value = Amount deposited * Future…

Q: A bank deposit of $4,000 was made one year ago in one of the local banks which gives a monthly…

A: Deposit amount (D) = $4000 Accumulated value (A) = $4392.60 Duration = 1 year Let r = Annual…

Q: On August 1, Rachael Westlake joined a Christmas Club. Her bank will automatically deduct $120 from…

A: The present value of the given annuity: The present value of the annuity due in the future is the…

Q: How much was the check he gave to the bank for payment?

A: Future value can be referred to as the value of an underlying asset or security at a future date.…

Q: 4. Peter Sarnoff deposited $1000 in a new savings account at First National Bank. He made no other…

A: A method of computing interest amounts in which the compounding effect was not considered by the…

Q: Suppose Jorge Otero has set up an annuity due with a certain credit union. At the beginning of each…

A: A theory that helps to compute the present or future value of the cash flows is term as the TVM…

Q: on for 6 years and was charged om borrowed money from a simple interest at an annual rate of 8%. The…

A: Simple Interest can be calculated using the formula given below Simple Interest = (Principle x Rate…

Q: On April 13, Thomas Ash deposited $2,500 in a passbook savings account at 3.5% interest compounded…

A: Principal amount =$2500Interest rate =3.5% No. of days between April 13 to August 5 =114 days

Q: 2040 1832 2872 Sue maintains an average monthly balance on her credit card of about $1340. Her…

A: In the given question, the credit card company charges interest monthly at the rate of 1.5%. Since…

Q: Suppose Zoe had deposited another $900 into a savings account at a second bank at the same time. The…

A: To calculate the amount of money Zoe will have in her savings account at the second bank in 13…

Q: On March 15th Ron went to the bank to borrow $3,000 at 8.5% interest. Ron plans to repay the loan…

A: Ordinary interest is an interest that is computed on the basis of a 360-day year instead of a…

Q: 17. In January, Joanna deposited $250 into her savings account. In February, she deposited an…

A: Solution:- When an amount is invested somewhere, it earns interest.

Q: Joaquin deposits $400 at the end of each month into his bank account. The bank account pays 13.2%…

A: The difference between the future value and present value of money refers to the concept of the time…

Q: Tom borrowed money from a credit union for 6 years and was charged simple interest at an annual rate…

A: The loan is the sum of money borrowed by the borrower from the lender, where the borrower agrees to…

Q: Assume that Louisa carried an average balance of $1,000 from her credit card purchases over the past…

A: Interest charges are the amount of cost and charges paid for the amount borrowed either for personal…

Q: On April 1, Hilda made a $3410 deposit to open a savings account paying 3.5 % compounded daily. She…

A: Interest earned refers to the amount to be earned on the deposited amount over a period of time by…

Q: Katelyn put $12,000 into a savings account three years ago. It paid 6% interest in the first year,…

A: Amount deposited = $12,000Interest rate :   for first year = 6%  for second year = 7%

Q: Erin O’Malley looked over her savings account statement. Her previous balance was $981.93. She made…

A: New balance = Previous balance + deposits + interest earned - withdrew