Simple and Compound Interest Assignment
Simple and Compound Interest Assignment
Answer all questions on lined paper.
1- Identify variables ex: i=0.04, P=$4000
1- Correct equation ex A=P(1+i)n
2- Solution
1- Therefore statement ex: “Therefore Tony pays $550 in interest.”
Simple Interest
1. Martha invested $600 in an account earning 7% simple interest for 10 years. How much interest did Martha earn?
2. William borrowed $6000 at 5% simple interest for 3 years. How much must interest will he owe at the end of the 3 years?
3. What interest rate is required for $6000 to grow to $7800 in 36 months?
Compound Interest
4. $4000 is invested at 6% compounded semi-annually for 8 years. How much will it be worth at the end of the term?
5. Paula borrowed $3000 at 9% compounded quarterly for 4 years.
a. How much will she have to repay?
b. How much of this is interest?
6. Paul borrowed $2600 at 9% compounded monthly for 3 years. How much will he have to repay?
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