Pandemic Bank charges 4% for discounting loans. If Super Tekla agrees to repay 3,000 in 6 months, how much does he receive now? *

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter7: Percents
Section7.7: Simple And Compound Interest
Problem 16E
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MATH 1000|
1. Pandemic Bank charges 4% for discounting loans. If Super Tekla agrees to repay
3,000 in 6 months, how much does he receive now? *
2. To prepare for his retirement in 13 years, Tekla deposited 10,000 in an account
paying 9%. Nine years after, he deposited another 10,000. How much will be
available at his retirement? *
3. Find the simple interest earned in an account where 5,000 is on deposit from
March 14, 2020 to your birthday next year at 5%. Write your birthday. Use all
methods discussed. *
4. For what rate it is possible for a deposit of 40,000 to earn 8,400 in simple interest
if the money is to be left on deposit for 5½ years? *
5. Find the principal necessary to earn 500 in simple interest if the money is to be
left on deposit for 5 years and earns (A) 8.5%; (B) 8%; (c) 7.5%. *
6. Michelle signs a note for 2,000 due in 9 months at 3%. Three months after the
note is signed, the holder of the note sells it to Donita who charges 3.5%. How
much does the holder receive? *
7. Tekla owes 100 due in 5 months and 700 due in 9 months. What single payment
in 6 months will discharge these obligations if the settlement is based on an
interest rate of 7%? *
8. Find the time necessary for a deposit of 4,000 to double in an account paying
42%.
Transcribed Image Text:MATH 1000| 1. Pandemic Bank charges 4% for discounting loans. If Super Tekla agrees to repay 3,000 in 6 months, how much does he receive now? * 2. To prepare for his retirement in 13 years, Tekla deposited 10,000 in an account paying 9%. Nine years after, he deposited another 10,000. How much will be available at his retirement? * 3. Find the simple interest earned in an account where 5,000 is on deposit from March 14, 2020 to your birthday next year at 5%. Write your birthday. Use all methods discussed. * 4. For what rate it is possible for a deposit of 40,000 to earn 8,400 in simple interest if the money is to be left on deposit for 5½ years? * 5. Find the principal necessary to earn 500 in simple interest if the money is to be left on deposit for 5 years and earns (A) 8.5%; (B) 8%; (c) 7.5%. * 6. Michelle signs a note for 2,000 due in 9 months at 3%. Three months after the note is signed, the holder of the note sells it to Donita who charges 3.5%. How much does the holder receive? * 7. Tekla owes 100 due in 5 months and 700 due in 9 months. What single payment in 6 months will discharge these obligations if the settlement is based on an interest rate of 7%? * 8. Find the time necessary for a deposit of 4,000 to double in an account paying 42%.
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