# Math Personal Finance

Assume a 30-month CD purchased for \$4000 pays simple interest at an annual rate of 5.5%. How much total interest does it earn? What is the balance at maturity?

1. 👍 0
2. 👎 1
3. 👁 658
1. It will earn 0.55 x 4000 = ? annually.
? x 2.5 years = total interest earned.
4000 + interest earned = balance at maturity.

1. 👍 0
2. 👎 1
posted by DrBob222

## Similar Questions

1. ### Math Personal Finance

Assume a 30-month CD purchased for pays simple interest at an annual rate of 5.5%. How much total interest does it earn? What is the balance at maturity?

asked by Alexis on June 8, 2014
2. ### Finance

Assume a 30-month CD purchased for pays simple interest at an annual rate of 5.5%. 1. How much total interest does it earn? 2. What is the balance at maturity? (2 decimal places)

asked by Anonymous on June 20, 2015
3. ### Math

Assume a three-month CD purchased for \$3000 pays simple interest at an annual rate of 10%. What is the balance at maturity? I don't have any work. This is question one and I have 19 more. I don't understand how to arrive at the

asked by Robyn on October 26, 2014
4. ### math

jack invested \$4000 in two accounts. one pays simple interest at the rate of 5% and the other pays simple interest at the rate of 6%. if jack earned a total of \$224 in interest in the first year, how much did he invest in each

asked by pb on April 5, 2012
5. ### Math

the principle B is borrowed at a simple interest rate r for a period of time t. Find the simple interest owed for the use of the money,. Assume there are 360 days in a year and round to the nearest cent. P=\$4000, r=6.0%and t=6

asked by Theresa on July 16, 2011
1. ### math

Assume a 30 month CD purchased for 2000 pay simple interest at an annual rate of 5.5%. How much total interest does it turn what is the balance at maturity. They want to know the total interest and the balance at maturity and they

asked by matt on January 16, 2016
2. ### math

a government bod pays 100 in a year at a discount rate of 5%(assume simple interest). How much did the bond cost? What is the annual percentage rate? Should it be more or less than 5%?

asked by leah on June 2, 2011
3. ### math

Lisa deposits \$3000 in an account that pays 2% simple interest, and \$4000 in a second account which has a higher interest rate but is more risky. What minimum interest rate must she get on the second account in order to earn at

asked by Kenny on August 4, 2016
4. ### Math Help Personal Finance

Kendrick Campbell purchased a \$25,000 municipal bond at a quoted price of 93.456. The bond pays annual interest at a rate of 3.7%. What is the annual interest?

asked by Rodney on February 18, 2016
5. ### Math

Deborah deposits \$200 into an account that pays simple interest at the rate of 7%. How much will she have at the end of 4 months? a) Present Value with simple interest b) Future Value with simple interest c) Future Value with