or the loan she will albo pay him $3,000 Prare te evel yeasn when 1.14 To help h

Question

or the loan she will albo pay him $3,000 Prare te evel yeasn when 1.14 To help his young engineer son, Kashi lends him aymen ple interest of 3.5%) per year. How much will Kashi the loan will be due? Assum pal as a lump sum. receive from his son when e that the interest is paid together with the princi- rest. If 1.15 Your father deposits $10,000 in a savings account and earns simple inte he is paid $205 quarterly as interest, what is the annual interest rate? 1.16 How long will it take $3,000 invested at simple annual interest of 5% to be come $5,000?

Explanation / Answer

1.14) A = P + PRT

P = 50000 , R = 3.5% and T = 7 years

Amount received = A = 50000 + 50000 x 3.5% x 7 = $ 62250

1.15)

Quarterly interest = $ 205

P = $ 10000

I = PRT , T = 0.25 years

R = 205/(10000 x 0.25) = 8.2%

1.16)

Use: A = P + PRT

P = 3000 , R = 5% and A = 5000

2000 = 3000 x 5% x T

T = 13.33 years

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