On June 1, Elena Moore deposited $610 in a savings account at Metro Savings and Loan Association. At the end of November, her interest was computed at an annual interest rate of 4.5%. How much simple interest did her money earn?

Q: Corey would like to purchase a new car for $28,000.  How much will his monthly payments be if he…

A: Given that: Principal amount of loan, P=$28000TIme period of loan = 5 yearsRate of interest, r=5.75%

Q: In order to accumulate enough money for a down payment on a house, a couple deposits $385 per month…

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Q: Nina and Michael have been approved for a $300,000 30-year mortgage with an APR of 5.25%. How much…

A: Thanks for the question :)And your upvote will be really appreciable ;)

Q: The annual interest rate on a credit card is 17.99%. If a payment of $200.00 is made each month, how…

A: How many months will it take to pay off an unpaid balance of $2,470.04. ?

Q: What was Yvette's monthly payment?

A: Balance after 36th payment = 6521.43 Balance after 37th payment = 6151.8 For monthly payments…

Q: A payday loan company charges a $60 fee for a $650 payday loan that will be repaid in 19 days.…

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Q: A certain financial institution declared a 50,000 dividend for the common stocks. If there are a…

A: Given: A certain financial institution declared a 50,000 dividend for the common stocks. If there…

Q: Based on that size of loan and the $950 monthly payment, how much would they pay in interest on that…

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Q: Consider a 30-year fixed-rate home loan of $555,500 with an interest rate of 5.75%. What is the…

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Q: A retiree invests $8,000 in a savings plan that pays 6% per year. What will the account balance be…

A: Given  invested amount  =  $ 8,000 intrest rate  = 6% per year

Q: If the simple interest on $3,000 for 7 years is $1,050, then what is the interest rate? The rate is…

A: We need to solve it by the basic formula of simple interest.First we need to specify the given…

Q: On January 1, 2009, Molly owed $7,388 to her friend Juan, who was kind enough not to charge Molly…

A: Given, The amount of money Molly owed to Juan on Jan 1 2009 is =$7388 The amount of money Molly owed…

Q: Toni Torres wants to save $1,200 in the next two years to use as a down payment on a new car. If her…

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Q: You owe $5,000 on your credit card, and you plan to pay it off through monthly payments of $100. If…

A: We use formulas: Simple Interest(SI) = (PRT)/100, where P = Principal Amount, R = Rate and T = Time…

Q: A debt of P20, 000 is due on December 1, 2020. What was the value of this debt on December 1, 2018…

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Q: A payday loan company charges a $90 fee for a $600 payday loan that will be repaid in 20 days.…

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Q: your total payment on a 2 year loan, which charged 9% annual interest, amounted to $40,260. how much…

A: Given data is: Future value is FV=$40,260 Annual interest r=9% Time t=2 year To find how much did…

Q: Kevin buys a $4,317 air conditioning system using an installment plan that requires 9.5% down. How…

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Q: How much interest (to the nearest dollar) would be saved on the following loan if the condominium…

A: The solution is given below

Q: A car dealer will sell you a used car for $6,498 with $798 down and payments of $162.51 per month…

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Q: If you had the choice of 5% simple interest or 5% compound interest for a savings account, which one…

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Q: A retiree invests $5,000 in a savings plan that pays 6% per year. What will the account balance be…

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Q: On January 1, 2009, Kendra owed $16,887 to her friend Joseph, who was kind enough not to charge…

A: The amount of money Kendra owed to her friend Joseph on January 1, 2009 is $16,887. The amount that…

Q: An auto dealer advertised a down payment of $1,500 on a Mustang valued at $19,400. What is the…

A: we are given the Amount of down payment of Mustang= $1500                             Cost of down…

Q: A bond was purchased on January 1, 2016 for $750. If its value increases by 8.2 % every year, how…

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Q: Perry took out a payday loan for $1350 that charged a $55 fee. If the loan matures in 1 week, what…

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Q: Mr. Smith buys a television that is listed for $1500. He pays $500 down and pays the balance in 12…

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Q: Mrs. Stevens bought a Mustang for $ 25,000. If it depreciates at a rate of 15% a year. What is the…

A: Depreciation amount is equal to 15% of 25000.

Q: Mr. Sun borrowed $15,600 for 54 months at simple interest to pay for a new swimming pool. If Mr. Sun…

A: Given, P=$15600 T=54/12=4.5yrs Rate=R

Q: The pawnbroker charged Elisa a simple interest rate of % (Round to the nearest whole number as…

A: We have to find the simple interest  rate.

Q: You have $2,000 on a credit card that charges a 23% interest rate. If you want to pay off the credit…

A: Given: Credit card amount due (PV) = $2000 Annual interest rate (r) = 23% Number of months (t) = 5…

Q: 7

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Q: If you borrow 1500 dollars from a lending agent for 13 weeks and in the end you have to pay back…

A: Formula r = (1/t)(A/P - 1) r = simple interest rate = ? P = principal amount =1500 A = P+ I  = 1650…

Q: How much interest is owed on a 9-month, $5550 loan borrowed at 7.25% simple interest?

A: Given the Principal amount P= $5550 Rate of interest =7.25% =0.0725  Time, t=9 months = 912=0.75…

Q: If you borrow 1800 dollars from a lending agent for 65 weeks and in the end you have to pay 270…

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Q: Sonia received a statement on her Certificate of Deposit showing that her investment had returned…

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Q: How much interest (to the nearest dollar) would be saved on the following loan if the condominium…

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Q: Jackie has a saving account that promises to increase her balance by 1.5% per year. If she deposits…

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Q: On January 1, 2009, Jayla owed $6,073 to her friend Stacey, who was kind enough not to charge Jayla…

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Q: An auto dealer advertised a down payment of $1,400 on a Mustang valued at $18,200. What is the…

A:

Q: A Php 500,00.00 trust-fund was set up and to be used by an 8-year old niece when she goes to…

A: It is given that, Principle value , P=50000 Time =10 years Interest Rate, r=9.75%=0.0975 Since,…

Q: If you paid $54 to a loan company for the use of $1,040 for 42 days, what annual rate of interest…

A: We will use the Simple Interest Formula to calculate the annual rate of interest. Simple Interest…

Q: Patty took out a payday loan for $700 due in 2 weeks that charged a $140 fee. What is the periodic…

A: We can find the annual  rate of interest as follows

Q: Melanie deposited $10,000 into an account at 5% compunded quarterly. Two years later, she deposits…

A: When the interest is compounded quarterly,  Amount = P1+R/41004n Where P is principal value , R is…

Q: "On his tax return this year, Steve reports $575 income from interest. Assuming an interest rate of…

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Q: If Joe Edward earned P1,890.50 in 1 year and 3 months in a mutual fund containing bonds worth…

A: Express the equation for the mutual fund. Future value= Present Value1+r100n Here, r is the rate of…

Q: On May 28, 2020, Amy purchased a Government of Canada T-bill that matures on August 4, 2020. How…

A: Future value is $10,000 Rate of interest 1.35%

Q: A certain financial institution declared a P30,000.00dividend for the common stock. If there a total…

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Q: Jane Windsor financed a $5,900 ski boat with a 12% add-on interest installment loan for 12 months.…

A: Ski boat cost=$ 5900Down payment need to pay on purchase=10100x5900=$590∴Remaining principal…

Q: $5000 are invested in a bank account at an interest rate of 5 percent per year.

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