Equation
What is the equation for simple interest?
I= P(r)(t)
Sarah has $250 in her checking account. She writes a check for $300. Her bank charges a $35 overdraft fee per transaction. How much will she owe after the check clears?
$85
How much simple interest is earned on a $1,000 deposit at an annual interest rate of 5% after 2 years?
$100
Mrs. Stowe has a savings account with a balance of $8,119.45. It pays 2.6% interest compounded daily.
a. What is her ending balance after five years, fi no other deposits or withdrawals are made?
A. $9246.42
Maria has $600 in her checking account. She writes a check for $200. How much is left in her account?
$400
What do each component of the simple interest stand for?
I = Interest
P = Principal
R = Rate
T = Time
Chase Bank charges a $23-per-charge overdraft protection fee. On March 4th, Jonathan had $528.00 ni his account. Over the next few days, the following charges were submitted for payment at his bank: $265.85, $162.71, and $331.55, $430, and $160.00.
a. How much wil he pay in overdraft protection fees?
$69
How much simple interest is earned on $8,000 in 6 and a 1⁄2 years at an interest rate of 6.8%?
$3536
Mrs. Stowe has a savings account with a balance of $8,119.45. It pays 2.6% interest compounded daily.
b. How much interest does he earn over the five years?
B. $1127.17
TJ has $1,700 in his account. He deposits a $400.55 paycheck and a $210.74 check. How much does he have after the deposit?
$2,311.29
What is the equation for compound interest?
I = P (1+r/n)^nt
Chase Bank charges a $23-per-charge overdraft protection fee. On March 4th, Jonathan had $528.00 ni his account. Over the next few days, the following charges were submitted for payment at his bank: $265.85, $162.71, and $331.55, $430, and $160.00.
b. How much will he owe the bank after Andrew realizes he has overdrawn his account?
$891.11
How much simple interest is earned on $5,000 in 8 months at an interest rate of 4%?
$133.33
You invest $2,000 at 4% interest compounded annually for 3 years. What will the account balance be?
$2,249.73
TJ has a balance of $1,700 in his Truist Bank checking account. He deposits a $400.55 paycheck, a $210.74 dividend check, and a personal check for $75 into his account. He wants to receive $300 in cash. How much will he have in his account after the transaction?
$2086.29
What does each component of the compound interest formula stand for?
I = Interest
P = Principal
R = Interest Rate
N = Number of times interest is compounded
T = Time money is borrowed for
Daniel has $100 in his account. His bank charges $30 per overdraft. He makes the following purchases: $120, $15, and $50, in that order. How many overdraft fees will he pay, and how much will he owe in total?
3 overdraft fees, $175
Autum has a bank account that pays 6.4% simple interest. The balance is $3,750. When will the account grow to $6,000?
9.4 years
If you invested $11,000 at 2.3% compounded weekly for nine years, what would be your ending balance?
$13,529.19
Kelsey deposits $1,200 into her savings account that earns 2% annual simple interest. How much interest will she earn in 5 years?
$120
If the interest rate was compounded monthly, what would n be?
N = 12
Jonathan has $528 in his account. His bank charges $23 per overdraft. Over a few days, these charges hit his account: $265.85, $162.71, $331.55, $430, and $160.
What is his final balance after the added fees?
-$891.11
How much principal must be deposited to earn $3,000 simple interest in 4years at a rate of 7.1%?
P = $10,563.38
Mrs. Lee invests $5,000 at 3.5% interest compounded monthly for 6 years. What is the account balance at the end?
$6,199.78
Kelsey deposits $1,200 into her savings account that earns 2% annual simple interest. What is her total balance?
$1320