Problem 1. Find the simple interest for $4902 at 9.5% for 11 months.
Problem 2. Find the compound amount for $312.45 at 6% compounded semiannually for 16 years.
Problem 3. Find the amount of interest earned by depositing $12,903.45 at 10.37% compounded quarterly for 29 quarters.
Problem 4. Find the present value of $17,650 in 4 years, 8% compounded quarterly.
Problem 5. Write the first four terms of the geometric sequence with a = 4 and r = 1/2.
Problem 6. Find the fifth term of the geometric sequence with a = -2 and r = -2.
Problem 7. Find the sum of the first five terms of the geometric sequence with a = 8000 and r = -1/2.
Problem 8. Find S 20.05.
Problem 9. Find the future value of the following annuity. $500 deposited at the end of each 6-month period for 8 years; money earns 6% compounded semiannually.
Problem 10. Find the amount of each payment that must be made into a sinking fund to accumulate the following amount. (Recall, in a sinking fund, payments are made at the end of every interest period.) $57,000; money earns 6% compounded semiannually for 8 1/2 years.
Problem 11. Find the present value of the following ordinary annuity. Payments of $877.34 monthly for 17 months at 9.4% compounded monthly.
Problem 12. Find the monthly house payment for the following mortgage. $56,890 at 10.74% for 25 years.
Problem 13. Personal Finance Michael Garbin owes $5800 to his mother. He has agreed to reapy the money in 10 months at an interest rate of 10.3%. How much will he owe in 10 months?
How much interest will he pay?
Problem 14. Personal Finance To buy a new computer, Mark Nguyen borrows $3250 from a friend at 9% interest compounded annually for 4 years. Find the compound amount he must pay back at the end of the 4 years.
Problem 15. When the Lee family bought their home, they borrowed $115, 700 at 10.5% compounded monthly for 25 years. If they make all 300 payments, repaying the loan on schedule, how much interest will they pay? (Assume the last payment is the same as the previous ones.)
Problem 16.
1. $51,607; 13.6% compounded monthly; 32 monthly payments. Find the monthly house payments for each mortgage.
2. $3200; 8% compounded quarterly; 10 quarterly payments. Find payments.