Margo borrows $1100, agreeing to pay it back with 5% annual interest after 16 months. How much interest will she pay? Round your answer to the nearest cent, if necessary.
- Margo borrows $1100, agreeing to pay it back with 5% annual interest after 16 months. How much interest will she pay?
Round your answer to the nearest cent, if necessary.
$ - A retiree invests $4,000 in a savings plan that pays 3% per year. What will the account balance be at the end of the first year?
$
3-Maria invests $7,000 into an account at an annual rate of 0.25% simple interest for 24 months.
1) What is the Principal in this scenario?
- 0.25 %
- $7,000
- 2
- 0.0025
- A) What is the interest rate for this account?
- 0.25 %
- $7,000
- 2
- 0.0025
- B) What number do you use to represent the interest rate in the simple interest formula?
- 0.25 %
- 2
- 0.0025
- $7,000
- C) What is the length of time of this investment, in years?
- 2
- 0.25 %
- 0.0025
- $7,000
- D) Calculate the simple interest earned on this account.
4 You deposit $200 in an account earning 7% interest compounded annually. How much will you have in the account in 15 years?
$
5 You deposit $2000 in an account earning 7% interest compounded monthly. How much will you have in the account in 10 years?
$
6 How much would you need to deposit in an account now in order to have $5000 in the account in 15 years? Assume the account earns 7% interest compounded monthly.
$
7 Find the time required for an investment of 5000 dollars to grow to 8900 dollars at an interest rate of 7.5 percent per year, compounded quarterly.
Round your answer to two decimal places
Your answer is t=t= years.
8 You currently have $8,200 (Present Value) in an account that has an interest rate of 6.5% per year compounded quarterly (4 times per year). You want to withdraw all your money when it reaches $18,040 (Future Value). In how many years will you be able to withdraw all your money?
The number of years is
9 You deposit $6000 in an account earning 5% interest compounded monthly. How much will you have in the account in 15 years?
$
10 Suppose you want to have $300,000 for retirement in 20 years. Your account earns 7% interest. How much would you need to deposit in the account each month?
$
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