1.Find the simple interest on the loan.

$1800at6%for 10 years.

$

2.Find the total amount due for the simple interest loan.

$1700at6%for 10 years.

$

3.Determine the amount due on the compound interest loan. (Round your answers to the nearest cent.)

$15,000at4%for15years if the interest is compounded in the following ways.

(a) annually

$

(b) quarterly

$

4.Find the term of the compound interest loan. (Round your answer to two decimal places.)

3.9%compounded quarterly to obtain$8700from a principal of $2000.

yr

5.Use the "rule of 72" to estimate the doubling time (in years) for the interest rate, and then calculate it exactly. (Round your answers to two decimal places.)

4%compounded annually.

"rule of 72"________yr

exact answer__________yr

6.Find the effective rate of the compound interest rate or investment. (Round your answer to two decimal places.)

22%compounded monthly. [Note: This rate is a typical credit card interest rate, often stated as1.8%per month.]

_______________%

7.You have just received$135,000from the estate of a long-lost rich uncle. If you invest all your inheritance in a tax-free bond fund earning6.5%compounded quarterly, how long do you have to wait to become a millionaire? (Round your answer to two decimal places.)

_________yr

8.You have just won$190,000from a lottery. If you invest all this amount in a tax-free money market fund earning7%compounded weekly, how long do you have to wait to become a millionaire? (Round your answer to two decimal places.)

___________yr

9.In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period.

Find the accumulated amount of the annuity. (Round your answer to the nearest cent.)

$2500annually at7%for 10 years.

$

10.In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period.

Find the required payment for the sinking fund. (Round your answer to the nearest cent.)

Monthly deposits earning6%to accumulate$5000after 10 years.

$

11.In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period.

Find the amount of time needed for the sinking fund to reach the given accumulated amount. (Round your answer to two decimal places.)

$5500yearly at7%to accumulate $100,000.

_________y

12.In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period.

An individual retirement account, or IRA, earns tax-deferred interest and allows the owner to invest up to $5000 each year. Joe and Jill both will make IRA deposits for 30 years (from age 35 to 65) into stock mutual funds yielding9.4%. Joe deposits $5000 once each year, while Jill has $96.15 (which is 5000/52) withheld from her weekly paycheck and deposited automatically. How much will each have at age 65? (Round your answer to the nearest cent.)

Joe$

Jill $

13.In the following ordinary annuity, the interest is compounded with each payment, and the payment is made at the end of the compounding period.

You and your new spouse each bring home$1500each month after taxes and other payroll deductions. By living frugally, you intend to live on just one paycheck and save the other in a mutual fund yielding7.76%compounded monthly. How long will it take to have enough for a 20% down payment on a$175,000condo in the city? (Round your answer to two decimal places.)

___________yr

14.Determine the payment to amortize the debt. (Round your answer to the nearest cent.)

Monthly payments on$140,000at5%for 25 years.

$

15.Find the unpaid balance on the debt. (Round your answer to the nearest cent.)

After6years of monthly payments on$150,000at4%for 25 years.

$

16.Solve the system by graphing. (Enter your answers as a comma-separated list. If the system is inconsistent, enter INCONSISTENT. If the system is dependent, enter DEPENDENT.)

x+y=8

xy=6

(x,y) =

17.Solve the system by the elimination method. (Enter your answers as a comma-separated list. If the system is inconsistent, enter INCONSISTENT. If the system is dependent, enter DEPENDENT.)

x+y=92

x+ 3y=25

(x,y) =