An investment of $3,100 is made for 4 months at an annual simple interest rate of 2
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An investment of $3,100 is made for 4 months at an annual simple interest rate of 2.25%. What is the future value of the investment (in dollars)?
Find the simple interest due (in dollars) on a 8-year loan of $1,250 if the annual simple interest rate is 2.5%. (See Example 1 in this section.)
Find the future value (in dollars) of an 18-month investment of $4,900 into a simple interest rate account that has an annual simple interest rate of 5.9%. (See Example 4 in this section.)
You deposit $1,200 in an account earning an annual interest rate of 10.5%. Calculate the simple interest earned in 6 months.
Calculate the simple interest due (in dollars) on a 40-day loan of $4,800 if the annual interest rate is 9%. (Use 360 days in 1 year.)
You deposit $850 in an account paying an annual simple interest rate of 7.5%. Find the future value of the investment (in dollars) after 1 year.
Calculate the simple interest due (in dollars) on a 3-month loan of $2,300 if the annual simple interest rate is 7.5%. Round to the nearest cent. (See Example 2 in this section.)
The simple interest charged on a 65-day loan of $1,250 is $6.25. Find the annual simple interest rate (in percent) for this loan. Round to the nearest tenth of a percent. Use 360 days in 1 year. (See Example 3 in this section.)
An agent is selling an investment that earns 4.735% compounded semiannually. What is the APY (in percent) of the investment? (Round your answer to the nearest hundredth of a percent.)
How much money (in dollars) should be invested in an account that earns 6% interest, compounded quarterly, to yield $11,000 in 6 years? (See Example 3 in this section. Round your answer to the nearest cent.)
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