Question

1. A $1,000bond pays 4 3/4% simple interest per year. What is the total amount paid after six years?

2.A friend borrows $2,500, agreeing to pay3.85% simple interest. The loan, plus interest, is to be paid back in seven years. How much interest was paid back to you? How much did you receive in total after the seven years?

3.You lend a friend $3,000. You want your friend to pay you back $4,000in total in five years. What simple interest rate should you charge your friend?

4. How many years will it take $8,000grow to $12,000 at 5% simple interest?

5.How much should be deposited in an account yielding 8 3/4% compounding weekly to obtain $14,900 in seven years and five months?

6.$37,500is deposited in an account paying 5 1/4% compounded monthly. How much will be in the account after eight years and five months?

7.$49,300is kept in an account paying5.21% compounded daily. How much will be in the account after 10 3/4 years?

8. At what interest rate, compounded daily, will $5,000grow to $8,000in seven years and five months?

Answer 1

In other parts, I don't understand it's interest rate is yearly or not? Other parts not clear to me, if you provide information, I will solve it in same box. Thankyou