Suppose Cho deposits $200 into a bank account for 3 years. The annual interest rate is 5%. Find the simple interest earned. A. $30 B. $10 C. $300 D. $100

Q: The principal P - $6300 is borrowed at simple interest rate r= 4.5% for a period of time t= 16…

A: Solution:-    Given   P=$6300                                       r=4.5%…

Q: Mr. John borrows money from a friend with simple interest of 12%, find the present worth of $25,000…

A: If the interest is simple, then the formula used is A=P(1+rt), where A is the final amount, P is the…

Q: You have $500,000 saved for retirement. Your account earns 5% interest. How much will you be able to…

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Q: You deposit $2000 in an account earning 2% interest compounded monthly. How much will you have in…

A: given, principal (P)=$2000           interest  rate (R)=2%= 2/100 =0.02     (for compounded monthly…

Q: borrows $6,500, at  6 1 2%  interest, for 150 days. If the bank uses the ordinary interest method,…

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Q: $1600 is deposited into an account for which interest is compounded annually. The value of the…

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Q: Find the principal if $245 in interest is due after 10 months at 7%

A: By using formula of simple interest.

Q: Suppose you want to have $500,000 for retirement in 35 years. Your account earns 8% interest. How…

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Q: How much will Lee receive at the end of 4 years?

A: Principle, P = $18,400 Annual interest rate, r = 8% = 0.08 No. of times interest compounded per…

Q: Suppose that you borrow $10,000 for four years at 8% toward the purchase of a car. Find the monthly…

A: Given:  you borrow $10,000 for four years at 8% toward the purchase of a car To determine; The…