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A bank offers a CD that pays a simple interest rate of 5.0​%. How much must you put in this CD now in order to have ​$1,000 for a​ home-entertainment center in 6 years.

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Question

1, A bank offers a CD that pays a simple interest rate of

5.0​%. How much must you put in this CD now in order to have ​$1,000 for a​ home-entertainment center in 6 years.

(round to the nearest dollar)

How much must he put in to have ​$1,000 in 6 years?

2.You deposit ​$14,000 in a savings account at a bank that has a rate of 3​% compounded quarterly. Find the amount of money in the account after 4 years.  

(round to the nearest dollar)

Whats the amount in the account after 4 years?

3.Nestor is building a new swimming pool for ​$13,000. He makes a ​$2,000 down payment and the builder gives him an​ add-on loan, charging him an annual interest rate of 8.7​%. If he takes a 5​-year ​loan, what will​ Nestor’s monthly payments​ be?

(Round to the nearest cent)

Nestors monthly payments will be?

4.A credit card company uses the average daily balance method to calculate its finance charges. What is the finance charge for the month of August​ (31 days) for this credit card if the average daily balance for August is ​$346.42? The annual interest rate is​ 18%.

(round to the nearest cent)

July 31 Balance $310

Aug 5 Charge . $61

Aug 6 . Payment . $120

Aug 14 . Charge . $134

Aug 22 . Charge . $19

5.Artie buys a new car for ​$16,000. He makes a down payment of ​$3,000 and the dealer gives him an​ add-on loan, charging him an annual interest rate of 7.3​%. If he takes out a 6​-year ​loan, what will Arties payments be?

Artie​’s monthly payments​ be?

(round to the nearest cents)

6.You deposit ​$7,000 into a savings account at a bank that has a rate of 3​% compounded monthly. Find the amount of money in the account after 9 years.

(round to nearest dollar)

whats the amount in the account after 9 years?

7. Matt is saving to buy a new motorcycle. If he deposits ​$75 at the end of each month in an account that pays an annual interest rate of 2.5​%, how much will he have in 36 ​months? Assume that the compounding is being done monthly.

(round to the nearest dollar)

what will the account have in it after 36 months?

 
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