Make the indicated conversion. Assume a 360-day year as needed.
1) 150 days to a simplified fraction of year
Use I = Prt for simple interest to find the indicated quantity.
2) I = $750, r = 6%, t = 6 months. Find P.
Use the formula A = P(1 + rt) to find the indicated quantity.
3) P = $7996; r = 6%; t = 10 months. Find A.
Use the formula A = P (1 + rt) to find the indicated quantity.
4) Allan borrowed $6300 from his father to buy a car. He repaid him after 9 months with interest of 11% per year. Find the total amount he repaid.
Find the compound interest earned. Round to the nearest cent.
5) $14,000 at 5% compounded annually for 3 years
Provide an appropriate response. Round to answer to two decimal places.
6) An investment company pays 7% compounded quarterly. What is the effective rate?
Solve the problem. Round the answer to the nearest cent as needed.
7) The average cost of a 4-year college education is projected to be $130,000 in 16 years. How much money should be invested now at 6.5%, compounded quarterly, to provide $130,000 in 16 years??
Solve the problem. Round the answer to the nearest cent as needed.
8) Sandra deposits $3000 in an ordinary annuity at the end of each semiannual period at 4% interest compounded semiannually. Find the amount she will have on deposit after 25 years.
Find the future value of the ordinary annuity. Interest is compounded annually unless otherwise indicated.
9) PMT = $7,500, i = 7% interest compounded semiannually for 5 years
Find the monthly house payment necessary to amortize the following loan. Round the answer to the nearest cent.
10) In order to purchase a home, a family borrows $267,000 at 10.8% for 15 yr. What is their monthly payment?