1 Margo borrows $400, agreeing to pay it back with 3% annual interest after 15 months. How much interest will she pay?

Round your answer to the nearest cent, if necessary.

2 You deposit $200 in an account earning 2% interest compounded annually. How much will you have in the account in 10 years?

3 How much would you need to deposit in an account now in order to have $3000 in the account in 5 years? Assume the account earns 6% interest compounded monthly.

4 Find the time required for an investment of 5000 dollars to grow to 7900 dollars at an interest rate of 7.5 percent per year, compounded quarterly.

Round your answer to two decimal places

Your answer ist = years.

5 You deposit $300 each month into an account earning 6% interest compounded monthly.

a) How much will you have in the account in 30 years?

$

b) How much total money will you put into the account?

$

c) How much total interest will you earn?

6 Suppose you want to have $700,000 for retirement in 30 years. Your account earns 4% interest.

a) How much would you need to deposit in the account each month?

$

b) How much interest will you earn?

7 You have $300,000 saved for retirement. Your account earns 8% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 20 years?

8 You want to buy a $28,000 car. The company is offering a 4% interest rate for 48 months (4 years). What will your monthly payments be?

9 Suppose you want to have $300,000 for retirement in 20 years. Your account earns 9% interest. How much would you need to deposit in the account each month?

10 You have $4,000 on a credit card that charges a 22% interest rate. If you want to pay off the credit card in 3 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?

11 You can afford a $1200 per month mortgage payment. You've found a 30 year loan at 6% interest.

a) How big of a loan can you afford?

$

b) How much total money will you pay the loan company?

$

c) How much of that money is interest?