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Karl borrows $500 for 4 years at an annual simple interest rate of 12% per year. What is the amount that must be repaid?
$740
817 days
n= 6, i=0.0325
5.97%
$187.73
Option A
$516.99
$808.35; $151.81
Leon has $3000 that he wants to invest for 6 years. Which options should he choose? Option A: 5.2% annual interest, compounded quarterly OR Option B: 5% annual interest, compounded monthly.
$740
817 days
n= 6, i=0.0325
5.97%
$187.73
Option A
$516.99
$808.35; $151.81
Jasmine invests $400 at 8% annual interest, compounded annually. How much interest will be earned after 5 years?
$740
817 days
n= 6, i=0.0325
5.97%
$187.73
Option A
$516.99
$808.35; $151.81
Jerry deposited $300 into an account that earns 6.7% annual interest, compounded daily. When he closed the account, the amount had grown to $348.56. How long was the money invested?
$740
817 days
n= 6, i=0.0325
5.97%
$187.73
Option A
$516.99
$808.35; $151.81
You invest $1000 at 6% per year, compounded quarterly, for 3 years. What interest rate, compounded monthly, will give the same results?
$740
817 days
n= 6, i=0.0325
5.97%
$187.73
Option A
$516.99
$808.35; $151.81
An account paying 7.25% annual interest, compounded semi-annually, has a future value of $1429 in 8 years. What is the present value of the account? AND How much more interest will have been earned than if simple interest was paid?
$740
817 days
n= 6, i=0.0325
5.97%
$187.73
Option A
$516.99
$808.35; $151.81
Deanna invests $500 at 8% per year simple interest. She puts money in the bank on July 1 and takes it out on December 3. How much money does she take out?
$740
817 days
n= 6, i=0.0325
5.97%
$187.73
Option A
$516.99
$808.35; $151.81
If an amount is invested at 6.5% per year, compounded semi-annually, for 3 years, determine the number of compounding periods and the interest rate per compounding period.
$740
817 days
n= 6, i=0.0325
5.97%
$187.73
Option A
$516.99
$808.35; $151.81
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