$0\mathrm{.}2mi$ Fort Scott Blvd

You invest $$5000$ in an account with an APR of $2\mathrm{.}5\%.$ Calculate the final balance of the account and the amount of interest earned under the following circumstances.

You invest $$5000$ in an account with an APR of $2\mathrm{.}5\%.$ The account earns simple interest for $3$ years.

a$.$ How much interest will you earn altogether?

$(1pt)$

You invest $$5000$ in an account with an APR of $2\mathrm{.}5\%.$ The account is compounded quarterly for $3$ years.

c$.$ What is the final balance of the account?

$(1pt)$

$|$ d$.$ How much interest will you earn altogether?

$(1$ pt$)|$

$2.$ Nakia plans to buy a $$32,000$ car. She will deposit money every month for $42$ months into a savings account with an APR of $3\mathrm{.}5\%$ in order to reach the $$32,000$ goal.

$(1pt)$

a$.$ How much money will she need to deposit every month to meet her goal?

b$.$ How much money will she deposit altogether?

$(1pt)$

C J$.$ Schlaak, N$.$ Wahle $2021-$ This content is protected and may not be shared, uploaded or distributed.

$1$

Finance $1-$ ICE $-$ Saving Money: Compound Interest and Installment Savings

$3.$ Laura invested $$325$ per month into a retirement plan with an APR of $2\mathrm{.}2\%$ for $35$ years.

a$.$ How many payments will she make altogether?

$(0\mathrm{.}5pt)$