Simple Interest
You deposit $2,000 into an account at Hometown Bank, Which has a rate of 4%. Find the interest at the end of the first year.
You deposit $7,500 in an account that has a rate of 1.2%. The interest is compounded monthly.
How much money will you have after 5 years?
How much money should be deposited today in an account that earns 6% compounded monthly so that it will accumulate to $20,000 in five years.
*Find the rate for the following problems using the simple interest formula.
Hint: You will need to use algebra
I = $1,080 P = $6,000 t = 4 years
You deposit $12,000 into an account at Hometown Bank, Which has a rate of 12%. Find the interest after 2 years.
You deposit $18,252 in an account that has a rate of 2.24%. The interest is compounded monthly.
How much money will you have after 7 years?
How much money should be deposited today in an account that earns 6.5% compounded monthly so that it will accumulate to $10,000 in 7 years.
You deposit $17,525 into an account at Hometown Bank, Which has a rate of 1,7%. Find the interest after 5 years.
You deposit $8,000 in an account that has a rate of 4.02%. The interest is compounded monthly.
How much money will you have after 8 years?
How much money should be deposited today in an account that earns 4.25% compounded monthly so that it will accumulate to $22,500 in 8 years.
A loan of $1,060 has been made 6.5% for three months. Find the loan's future value.
You deposit $2,300 in an account that has a rate of 8.2%. The interest is compounded monthly.
How much money will you have after 10 years?
How much money should be deposited today in an account that earns 0.15% compounded monthly so that it will accumulate to $2,000 in 3 years.
*Find the rate for the following problems using the simple interest formula.
Hint: You will need to use algebra
I = $1,080 P = $6,000 t = 4 years
You deposit $23,000 in an account that has a rate of 7.3%. The interest is compounded monthly.
How much money will you have after 5 years?
How much money should be deposited today in an account that earns 11.23% compounded monthly so that it will accumulate to $53,000 in 12 years.