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
Up to #9, you have #6 and #8 are correct.
I will appreciate if you could show how you worked out the remaining numbers so that any incorrect notions could be corrected accordingly.
There is no use throwing a coin to make a guess if you don't know how to get the right answer.
For example, in the first question, the principal is $1604. At 10% for a whole year (instead of two months), it would be approximately 10% more at about $160 in interest. So it is impossible to expect $3208 over two months!
Try calculated guesses if you have to make them.
Drew borrowed $1,250. He made 12 payment of $118
Borrowed $950 and make monthly installment at 9.5% for 30 payments how many monthly installments are there?
Are the answers right or wrong above?
To determine the total in Dexter's account after the second month, we need to calculate the compound interest. The formula for compound interest is:
A = P(1 + r/n)^(nt)
Where:
A = the future value of the investment/loan, including interest
P = the principal investment/loan amount
r = annual interest rate (as a decimal)
n = number of times that interest is compounded per year
t = number of years the money is invested/borrowed for
In this case:
Principal (P) = $1,604
Rate (r) = 10%, which is 0.10 as a decimal
Length of period (t) = 2 months, which is 2/12 = 1/6 year
Since the length of the period is in months and compounding is done monthly, the number of times interest is compounded per year (n) is 12.
Now, we can substitute the values into the formula:
A = $1,604 * (1 + 0.10/12)^(12 * 1/6)
Calculating this expression will give us the total in Dexter's account after the second month.