Find the missing value in the table and type your answers in questions 1-5.
Find the missing value in the table and type your answers in questions 1-5.
Ace Auto Parts borrowed $6,000 at 6% interest for 5 years to enlarge its display area. Find the simple interest.
Find the future value of the loan in #6.
Sam's Sound Shack borrowed $13,450 at 8% interest for 15 years to remodel its existing store. Find the simple interest.
Find the future value of the loan in #9.
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.
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.
Find the simple interest on a $2,300 loan at 5% for 80 days. Use the Banker's Rule.
David obtained a 3-year, $6,000 discounted loan at 6%. Find the amount of the discount.
How much money did David actually receive in #13?
Use the information below for #15 & 16.
What is the compound interest?
What is the future value?
Use the information below for #17 & 18.
What is the compound interest?
What is the future value?
Use the information below for #19 & 20.
What is the compound interest?
What is the future value?
Find the effective rate when the stated rate is 12% and the interest is compounded quarterly. Round to the nearest hundredth of a percent.
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.
