Ryan invested $240,000 to purchase a home. After 6 years, she sold the home for $300,000. Calculate the effective interest rate earned on this investment. Round to two decimal places

Q: Find the simple interest earned. Round percent's to the tenth or hundredth of a percent. Jean…

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Q: A car purchased for $25,700 depreciates at a constant rate of 3% each year. How long will it take…

A: given P=25700r=-3%=-3100=-0.03 (-ve sign because of depreciates)A=P(1+r)t A=25700(1-0.03)t…

Q: Simone invests $4,000 in an account that compounds interest quarterly and earns 3%. How many years…

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Q: Tara invested $8,890 in an account with an interest rate of 7.5% that was compounded quarterly. How…

A: When the interest is compounded, then the formula used is A=P1+rnnt , where, A is the final amount,…

Q: A bank account uses simple interest. If 10,000 is deposited at a rate of 4% interest, how much money…

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Q: Curtis invested $4200 into an account that pays 1% interest compounded annually. How much money…

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Q: Bianca deposited $1500 into a savings account for which simple interest is calculated quarterly. If…

A: Let the yearly interest rate that Bianca get in her account be : R % Given:   Principal deposit: P =…

Q: Yolanda borrowed $8000 at a rate of 6%, compound quarterly. Assuming she makes no payments, how much…

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Q: Tom earned $ 504 when he invested $16,820 for 8 months. His rate of simple interest was:

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Q: A deposit of $659 earns $15.10 interest at a rate of 4.5%. For how many days was this money on…

A: Solution

Q: Curtis invested $4200 into an account that pays 1% interest compounded annually. How much money…

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Q: If $5000 is invested at 6% simple interest, how long does it take this investment to be worth $7700…

A: Given that $5000 is invested at 6% simple interest.

Q: Francine currently has $65,000 in her 401k account at work, and plans to contribute $6,000 each year…

A: Given,  Francine currently has $ 65000 in her account  and plans to contribute $ 6000 each year for…

Q: A principal of $4600 is invested at 7% interest, compounded annually. How many years will it take to…

A: A=P(1+r/100)t   Here a is amount p is principle  r is rate of interest and t is time in years

Q: Sanjay borrowed $7000 at a simple interest rate of 4% per year. After a certain number of years he…

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Q: Susie is paying 594.16 every month for her 150,000 mortgage. If this is a 30 year mortgage, how much…

A: The monthly amount Susie paying per month = 594.16Total mortgage = 150,000The time period of…

Q: Warren has $40 in a savings account that earns 10% interest, compounded annually. To the nearest…

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Q: Maria borrowed P10,000 with an interest rate of 12% compounded quarterly which he borrowed from a…

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Q: Find the amount Erica owes at the end of 2 years if $6000 is loaned to her at a rate of 4%…

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Q: Francisco borrows $870 from his parents and agrees to pay them back the same amount each month…

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Q: Fred invested $25,000 at 4% simple interest. How much interest will he earn each year?

A: Simple interest:Simple interest is an easy method of calculating the interest charge on a loan.…

Q: Teresa received $80 for her birthday.  At what interest rate would she have to invest the money to…

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Q: You have $2000 in a savings account that pays an annual interest rate of 3.25%. How long will it…

A: Given,  Principal = p = $ 2000 Interest rate = r = 3.25 %  annually Amount = A = 2×2000 = $ 4000 We…

Q: A business purchased for $650,000 in 2005 is sold in 2008 for $850,000. What is the annual rate of…

A: A business purchased for $650,000 in 2005 is sold in 2008 for $850,000. let the annual rate of…

Q: Mandy bought a desktop computer system to start her business from home for $4,995. It is expected to…

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Q: Amanda plans to invest $20,000 part of it at a 9% interest rate and part of it in a safer fund that…

A: Amanda plans to invest $20,000 part of it at a 9% interest rate and part of it in a safer fund that…

Q: How much should you invest at 4% simple interest in order to earn $65 interest in 19 months?

A: Given: r=4%=0.04 I=65 t=19 months=19/12=1.5833 years To find P=?

Q: A bank deposit paying simple interest grew from an initial amount of $1400 to $1505 in 3 months.…

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Q: A car was bought for $85,000. It was sold 10 years later for $20,500. At what yearly rate did it…

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Q: Josh has 1200 dollars which he invests at 4% interest compounded daily. Represent how much he has…

A: Compound interest

Q: Chloe has $90,000 in a savings account that earns 9% annually. The interest is not compounded. How…

A: Given,         Chloe has $90000 in a savings account that earns 9% annually, 4 months.

Q: Simone invests $4,000 in an account that compounds interest quarterly and earns 7%. How many years…

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Q: José bought a motorboat for $ 27,000. Its useful life is 9 years and it has a residual value of $…

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Q: Sehr put $1,000 into a savings account that earns 4%/a in interest, calculated simply. How much will…

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Q: A $40,000 investment in a mutual fund doubled to $80,000 in 5 years. What was the investment’s…

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Q: How many days did it take Romy to place 120,000 in an investment house that pays 8% simple interest…

A: If p= principal amount R= rate of interest t= time And I is the interest after time t at a r% rate…

Q: An account that yields 6% simple interest annually has $2,000. How much will be in the account after…

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Q: rest rate of

A: Given, Ms. Drake invests $1000 at a simple interest rate of 8.5% for 2 years. The interest during…

Q: A printing press costing $250 000 was sold 4 years later for $80 000. At what yearly rate did it…

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Q: With 1500.00 I opened a savings account in a bank that offered me a monthly interest rate of 0.5%.…

A: Given: P = $1500.00, r = 0.5% p.m., n = 12

Q: Kim borrowed $9,000 at  2  3/8% interest compounded daily.  How much will she have to pay back…

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Q: Sanjay borrowed $7000 at a simple interest rate of 3% per year. After a certain number of years he…

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Q: Olivia invested $1000 in an account that pays 2.75% interest compounded annually. Assuming no…

A: Amount to be received after t years and at r%=Initial amount *(1+r/100)t

Q: If $520 is invested for one year at 13% simple interest, how much interest is earned? The simple…

A: The objective of the question is determine the simple interest.

Q: Find the interest paid by veronica on P35,000 that she borrowed for 2 years at 15% simple interest.

A: Given: P=$15000t=2 yrsr=15%

Q: Today, Sarah bought a condofor $310,000 a) Assumingthat the condo increase years?

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Q: Jayden has $70 in a savings account. The interest rate is 5%, compounded annually. To the nearest…

A: Topic- compound interest

Q: if $230 is invested for one year at 5% interest rate, how much interest is earned

A: Given:$230 is invested for one year at 5% interest rate.

Q: Frank invests $ 4500 dollars into an account earning interest compounded quarterly. After 7 years…

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