$1,900 was borrowed at a simple interest rate of 2.9%. What amount of interest would be owed after 6.5 years? $329.98 $358.15 $350.76 $300.14

Q: Find the accumulated amount at the end of 11 months on a $2100 bank deposit paying simple interest…

A: Given, period=11 months Amount= $2100 interest at a rate of 9%/year. To find the accumulated amount…

Q: If $10,500 is borrowed for 5 years at an annual simple interest rate of 1.73%, how much interest…

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Q: Patricia and Joe Payne are divorced. The divorce settlement stipulated that Joe pay $540 a month for…

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Q: Calculate the amount of interest that will be charged on $ 6549 borrowed for 5 months at 6.81 %.

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Q: Find the present value of $10,000 in 9 months at 9.2% interest Give your answer to the nearest…

A: Given that The  total amount A=$ 10000Interest rate r=9.2%=9.2100=0.092Time t=9 months =912=34=0.75…

Q: Find the total interest paid of the loan if the amount borrowed is OMR 25,000 at 5% interest for 8…

A: I am using Simple Interest formula for this. S.I.=(25,000*5*8)/100 S.I.=OMR 10,000

Q: Find the simple interest paid on a $470 loan at 6.9% annual interest for 3 months

A: Given:The principal amount (P) is $470.The rate of interest (R) is 6.9% per year.The number of terms…

Q: You deposit $1,000 in an account at the Lifelong Trust Savings and Loan that pays 7% interest…

A: The expression used to evaluate the amount in compound interest is as follows: Amount =P1+r100nnt,…

Q: Mary deposits $9,000 in a bank account that guarantees a simple interest rate of 7.5% per year. How…

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Q: On February 1, 2020, you put $1500 into a TFSA (savings account) at a rate of 2.1% /annum. What…

A: To calculate the interest earned on your TFSA savings account, we can use the formula for simple…

Q: what lump sum do parents need to deposit in an account earning 7% compound monthly so that it will…

A: Here r=7%=0.07, n=12 ,A=$100000, t=15. Let parents need to deposit the lump sum $P We find P.…

Q: You deposit $400 each month into an account earning 7% interest compounded monthly. a) How much…

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Q: Suppose you want to have $700,000 for retirement in 35 years. Your account earns 10% interest. a)…

A: The given information is that the future value is $700,000 and the number of years is 35. The…

Q: What is the total amount to be repaid 3 years, 125 days later?

A: Given: Principal = $8,543 Interest rate = 16.5 % To find: The total amount repaid in 3 years and 125…

Q: You can afford monthly deposits of $250 into an account that pays 2.4% compounded monthly. How long…

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Q: An individual borrowed ​$78,000 at an APR of 3​%, which will be paid off with monthly payments of…

A: HERE GIVEN MONTHLY PAYMENT IS MADE FOR 22 YEARS IT MEANS 12 PAYMENTS PER YEAR. AND OTHER DETAILS ARE…

Q: 36,000 is invested at 5.5% compounded annually for 8 years. a. Find the final amount b. Find the…

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Q: A $1300 certificate of deposit held for 71 days was worth $1312.31. What simple interest rate was…

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Q: A farmer purchased 235 acres of land for $4,900/acre. He paid 25% down and obtained a loan for the…

A: Given:   First we will find the amount of loan the farmer has taken    Calculating the amount of…