You are buying a car. Would you prefer a higher rate for a lower term or a lower rate for a longel ferm? Explain your choice.

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
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once
piec
hoght
prety
probabs
peation
Aper
A re
mired
wri
. TTO NG
SIMPLE INTEREST
You are looking for a bank that will
give you the opportunity to earn the
most interest on your money. You
decided to shop around and see
where yoU can get the most bang for
your buck on a $5,000 deposit.
Bank A
2.2% interest
4 years
Bank D
3% interest
1.25 years
Bank B
1.75% interest
5.5 years
Bank E
0.5% interest
15 years
Bank F
Bank C
Complete the table below to
determine how much interest you can
earn with each bank if you leave your
0.8% interest
9 years
2% interest
S years
money in for the given amount of
time.
Interest
Earned
Workspace
Interest
Earned
Workspace
B
C
quaa
Give three examples of situations in life where you may encounter simple interest.
2.
You are buying a car. Would you prefer a higher rate for a lower term or a lower rate for a longel
term? Explain your choice.
Greg and Jerry are depositing money into savings accounts. Greg deposits $500 into an accour
for 2 years with 2% interest. Jerry despots $700 into a different account for 1 year with 3% interes
Who earns the greatest overall percent interest? Show your work and explain.
Bank
Transcribed Image Text:once piec hoght prety probabs peation Aper A re mired wri . TTO NG SIMPLE INTEREST You are looking for a bank that will give you the opportunity to earn the most interest on your money. You decided to shop around and see where yoU can get the most bang for your buck on a $5,000 deposit. Bank A 2.2% interest 4 years Bank D 3% interest 1.25 years Bank B 1.75% interest 5.5 years Bank E 0.5% interest 15 years Bank F Bank C Complete the table below to determine how much interest you can earn with each bank if you leave your 0.8% interest 9 years 2% interest S years money in for the given amount of time. Interest Earned Workspace Interest Earned Workspace B C quaa Give three examples of situations in life where you may encounter simple interest. 2. You are buying a car. Would you prefer a higher rate for a lower term or a lower rate for a longel term? Explain your choice. Greg and Jerry are depositing money into savings accounts. Greg deposits $500 into an accour for 2 years with 2% interest. Jerry despots $700 into a different account for 1 year with 3% interes Who earns the greatest overall percent interest? Show your work and explain. Bank
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