it is about Simple Interest Future Value 1-Logan borrowed $3,300 from his friend
ID: 2713319 • Letter: I
Question
it is about Simple Interest Future Value
1-Logan borrowed $3,300 from his friend at 4% simple interest. He plans to repay the loan at the end of 1 month. If the principal and interest are repaid in one lump sum, how much money must he give his friend to retire the loan?
2-Jason deposited $1,500 into an account earning 3.6% simple interest. How much money will the account be worth at the end of 6 months?
3-Rasheed won $5,050 at a casino. He deposited his winnings into an account earning 4% interest. How much will the account be worth at the end of 9 months?
4-Linda deposited $1,000 into an account paying 4% simple interest. At the end of 3 months, how much money will she have?
5- Dana deposited $30,000 into an account paying 3.6% simple interest. After 6 months, how much money will she have?
6-Nicholas deposited $50,000 into an account earning 2% simple interest, how much money will be in the account at the end of 7 months?
7-Suppose $50,000 is deposited into an account that pays 4% simple interest. How much money will be in the account at the end of 6 months?
8-Oscar made $3,000 during the summer. He deposited all his summer earnings into an account earning 4% simple interest. How much money will he have in 11 months?
9-An account earns 3% simple interest. If $7,000 was deposited today, what will the account be worth at the end of 8 months?
10-Sherry deposited $1,001 into an account paying 5% simple interest, how much money will she have in the account at the end of 3 months?
Explanation / Answer
1 Logan borrowed $3,300 from his friend at 4% simple interest. He plans to repay the loan at the end of 1 month. If the principal and interest are repaid in one lump sum, how much money must he give his friend to retire the loan? Interest Principal Amount Payable 11 3300 3311 2 Jason deposited $1,500 into an account earning 3.6% simple interest. How much money will the account be worth at the end of 6 months? Interest Principal Amount In Account 27 1500 1527 3 Rasheed won $5,050 at a casino. He deposited his winnings into an account earning 4% interest. How much will the account be worth at the end of 9 months? Interest Principal Amount In Account 151.5 5050 5201.5 4 Linda deposited $1,000 into an account paying 4% simple interest. At the end of 3 months, how much money will she have? Interest Principal Amount In Account 10 1000 1010 5 Dana deposited $30,000 into an account paying 3.6% simple interest. After 6 months, how much money will she have? Interest Principal Amount In Account 540 30000 30540 6 Nicholas deposited $50,000 into an account earning 2% simple interest, how much money will be in the account at the end of 7 months? Interest Principal Amount In Account 583.33 50000 50583.33 7 Suppose $50,000 is deposited into an account that pays 4% simple interest. How much money will be in the account at the end of 6 months? Interest Principal Amount In Account 1000 50000 51000 8 Oscar made $3,000 during the summer. He deposited all his summer earnings into an account earning 4% simple interest. How much money will he have in 11 months? Interest Principal Amount In Account 110 3000 3110 Interest Principal Amount In Account 9 An account earns 3% simple interest. If $7,000 was deposited today, what will the account be worth at the end of 8 months? 186.67 7000 7186.67 Interest Principal Amount In Account 10 Sherry deposited $1,001 into an account paying 5% simple interest, how much money will she have in the account at the end of 3 months? 12.51 1001 1013.51
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