Find the interest and the total amount to the nearest cent 1.) $315 at 6% per year for 5 years 2.) $800 at 9% per year for 1 year 3.) $900 at 7.25% per year for 3 years 4) Selena borrowed $9500 to buy a used car. The credit union charged 7% simple interest per year. She paid $3325 in interest. For what period of time did she borrow money? 5.) Premier Bank loaned a construction company 275,000 at an annual simple interest rate. After 5 years, the company repaid the bank $350,625. What was the interest rate on the loan?
1) [315(1.06^5)] - 315 = interest North Dakota 315 * [ (1.06^5) - 1 ] 2) [800(1.09)] - 800 North Dakota as above "OR" formula: Prin * [ ((1 + r)^n) - 1] 3) [900(1.0725^3)] - 900 North Dakota as above "OR" formula 4) one year simple interest = 9500 * 0.07 = 665...total interest / one year's interest = # of years 3325 / 665 = 5 5) interest paid: 350,625 - 275,000 = 75,625 one year's interest: 75,625/5 = 15,125 interest rate: 15,125 / 275,000 = 0.055, or 5.5%
1) 315 ( 1 +6/100)^5 = 315 ( 1.06)^5 = 421.54 ANSWER Interest = $ 106.54 amount = $ 421.54 2) 800 ( 1.09) = $872 ANSWER Interest = $72 amount = $ 872 3) 900 ( 1 +7.25/100)^3 = 900 ( 1.0725)^3 = $1110.28 ANSWER interest = $ 210.28 amount = $ 1110.28 4) 9500 X 7/100 = $665 3325 / 665 = 5 years ANSWER 5) 350,625 - 275,000 = $75625 75625 /5 = $ 15125 15125 / 275000 X 100 = 5.5 % ANSWER
A=P(1+r/n)^nt Have fun.
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