Determine the total in Dexter's account after the second month using the information below.
Dexter Banler's account
Principal: $1,604
Rate: 10% compound
Length of period: month
$3208.00 $1764.40
$1630.85
3. Ray Sugar's account
Principal: $1,700
Rate: 9.5% compound
Length of period: quarter
Third quarter's interest: _________
$161.50 $16.15
$42.32
4. Determine the total in Ray's account after three quarters using the information below.
Ray Sugar's account
Principal: $1,700
Rate: 9.5% compound
Length of period: quarter
$1,861.50 $1824.03
$1716.15
5. Determine the second quarter's interest earned by Sue's account using the information below.
Sue Palka's account
Principal: $2,118
Rate: 8.75% compound
Length of period: quarter
Second quarter's interest: _________
$185.33 $176.56
$47.34
6. Determine the total in Sue's account after 2 quarters using the information below.
Sue Palka's account
Principal: $2,118
Rate: 8.75% compound
Length of period: quarter
$2,211.67 $2,165.34
$2,303.33
7. Determine the total loan amount for Sean Combs.
Amount of loan: _________
Number of payments: 9
Each payment: $15.90
Interest: $18.10
$125 $143.10
$124.20
8. Determine the number of payments for Micah McCarter.
Amount of loan: $5,500
Number of payments: _________
Each payment: $125.13
Interest: $506.24
44 48
52
9. Determine the amount of each payment for Kyle Moneymaker.
Amount of loan: $1,500
Number of payments: 24
Each payment: _________
Interest: $66
$62.50 $66.75
$65.25
10. Kristen Taylor purchased a new coat for $289. She paid $50 down and borrowed the remainder. She had to make 8 payments of $32.27 each. How much interest did she pay on the loan? $59.16 $19.16
$29.16
11. Borrowed: $250
Loan type: single payment
Interest rate: 12%
Time of loan: 2 months
Amount to repay: _________ $255 $280
$310
12. Borrowed: $500
Loan type: installment
Interest rate: 8.5%
Number of payments: 12
Monthly installment: _________ $45.21 $41.67
$43.61
13. Borrowed: $474
Loan type: single payment
Interest rate: 16%
Time of loan: 1 month
Amount to repay: _________ $549.84 $480.32
$492.34
14. Borrowed: $800
Loan type: single payment
Interest rate: 15%
Time of loan: 3 months
Amount to repay: _________ $920 $860
$830
15. Borrowed: $950
Loan type: monthly installments
Interest rate: 9.5%
Number of payments: 30
Monthly installments: _________ $39.19 $32.80
$35.70
16. Borrowed: $400
Loan type: add-on
Interest rate: 9%
Number of payments: 12 monthly installments
Monthly payment: _________ $36.33 $34.56
$37.65
To determine the total in Dexter's account after the second month, we need to calculate the compound interest earned. The formula for compound interest is:
A = P(1 + r/n)^(nt)
Where:
A = the final amount
P = the principal (initial amount)
r = the interest rate (in decimal form)
n = the number of times interest is compounded per period
t = the length of the period in years
In this case, Dexter's principal is $1,604, the interest rate is 10%, and the length of the period is one month. Let's calculate the total amount after the second month:
A = 1604(1 + 0.10/12)^(12*2)
A ≈ $1,763.81
So, the total in Dexter's account after the second month is approximately $1,763.81.