Find the missing value in the table and type your answers in questions 1-5.
Question 1
1.
Question 2
2.
Question 3
3.
Question 4
4.
Question 5
5.
Question 6
6.
Ace Auto Parts borrowed $6,000 at 6% interest for 5 years to enlarge its display area. Find the simple interest.
Question 7
7.
Find the future value of the loan in #6.
Question 8
8.
Sam's Sound Shack borrowed $13,450 at 8% interest for 15 years to remodel its existing store. Find the simple interest.
Question 9
9.
Find the future value of the loan in #9.
Question 10
10.
Julie earned $60.48 in simple interest on a savings account balance of $4,320 over a 12-month period. Find the rate of interest.
Question 11
11.
John has the opportunity to buy a new boat. He has to borrow $5,300 at 11% simple interest for 36 months. Find the monthly payment.
Question 12
12.
Find the simple interest on a $2,300 loan at 5% for 80 days. Use the Banker's Rule.
Question 13
13.
David obtained a 3-year, $6,000 discounted loan at 6%. Find the amount of the discount.
Question 14
14.
How much money did David actually receive in #13?
Use the information below for #15 & 16.
Question 15
15.
What is the compound interest?
Question 16
16.
What is the future value?
Use the information below for #17 & 18.
Question 17
17.
What is the compound interest?
Question 18
18.
What is the future value?
Use the information below for #19 & 20.
Question 19
19.
What is the compound interest?
Question 20
20.
What is the future value?
Question 21
21.
Find the effective rate when the stated rate is 12% and the interest is compounded quarterly. Round to the nearest hundredth of a percent.
Question 22
22.
Mike and Marie plan to take an African vacation in 3 years. In order to save money for the trip, they purchase an annuity that pays 3% interest compounded annually. Find the future value of the annuity in 3 years if their yearly payment is $2600.