Nicole opened a savings account with $5000 and was paid simple interest at an annual rate of 2%. When Nicole closed the account, she was paid $300 in interest. How long was the account open for, in years? If necessary, refer to the list of financial formulas. years ?

Q: Carl placed $3,200 in a savings account that compounds interest annually at a rate of 1.0%. How much…

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Q: Suppose you want to have $400,000 for retirement in 25 years. Your account earns 10% interest. How…

A: It is given that, the future value is FV = $400,000, n=25×12=300, and r=10%=0.112  since each month…

Q: Jill invests $3,000 into a savings account. In five years, she hopes to generate $500 interest.…

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Q: $350 is borrowed at a rate of 2.5% simple interest for 3 years. How much interest will be paid?

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Q: Suppose you spend $12 a week on snacks. If you donate half that amount to a charity, how much will…

A: Given that, you spend $12 a week on snacks.

Q: Find the simple interest and total amount if you borrow $8000 at 12% for 3 years.

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Q: Nicholas Thomas deposits $38,000 in his school credit union for 7 months if the credit union pays 3…

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Q: Keiko invested $3000 in a fund for 6 years and was paid simple interest. The total interest that she…

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Q: Suppose you want to have $400,000 for retirement in 35 years. Your account earns 5% interest. how…

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Q: Joaquin pawns his favorite watch for a loan of​ $120. After 30​ days, he buys his watch back for​…

A: Given P = $120, A = $140 and T = 30.

Q: If you make $400 in simple interest on an investment at 8% for 5 years, what is the amount of the…

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Q: If you wanted to make $708 by investing $7345 for 6 years in an account that pays simple interest,…

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Q: Jefferson borrowed $4000 for his college tuition at an annual simple interest rate of 5.5%. When he…

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Q: A friend lends you $900, which you agree to repay with 3% interest. How much will you have to repay?…

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Q: Christine borrowed $3000 from a bank for 2 years and was charged simple interest. The total interest…

A: Given that, P=$3000 N=2 year I=$120  We have to calculate simple interest rate.

Q: if $1200 is invested at 6% simple interest for 5 years, find the amount of interest earned.

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Q: Richard invests $205.42 every month into his retirement. At the end of 30 years, he has a balance of…

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Q: If you would like to make $1664 in 7 years, how much would you have to deposit in an account that…

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Q: rest rate of

A: Given, Ms. Drake invests $1000 at a simple interest rate of 8.5% for 2 years. The interest during…