Compute the total amount accumulated if $4,000 is deposited into an account for 3 years at 3% interest compounded quarterly.

A cosmetologist is opening a salon in their home. They need $8500 to purchase furniture, supplies, and equipment so they borrow $8500 for 7 years at 9% interest.

How much are the monthly payments?

How much did they pay over the course of the loan?

How much interest did they pay?

3.) On the November 2^nd billing date, Travis had a balance due of $712.49 on his credit card. The transactions during the following month were:

Date	Transaction	Amount
November 10	Charge: Home repair	$242.65
November 20	Payment	$200.00
November 23	Charge: Groceries	$112.84
November 27	Charge: Clothes	$65.23

The interest rate on the card is 1.7% per month. Using the previous balance method, find the finance charge on December 2^nd and the total balance.

4.) A credit card company determines a card holders minimum monthly payment by adding all new interest to 2% of the outstanding principal. The credit card company charges an interest rate of 0.025689% per day. On January 12, a customer uses their credit card to purchase $1,200 of supplies for a home repair project. They make no other purchases during January. Use the given information and the rule that minimum payments are rounded up to the nearest dollar to answer the following questions.

a.) Assuming this customer had no new interest, determine their minimum payment due on February 1, their billing date.

b.) On February 1, instead of making the minimum payment, the customer makes a payment of $300. Assuming there are no additional charges or cash advances, determine their minimum payment due on March 1.

5.) Steven borrowed $1,500 against his charge account on March 5 and repaid the loan on April 4 (31 days later). Assume that the interest rate is 0.03985% per day.

a.) How much interest did Steven pay on the loan?

b.) What amount did he pay the bank when he repaid the loan?