Question
PLEASE HELP ME SOLVE THESE INVESTMENT PROBLEMS 1.How long will it take for an investment to double at simple interest rate of 5.10% p.a.? _____years
PLEASE HELP ME SOLVE THESE INVESTMENT PROBLEMS
1.How long will it take for an investment to double at simple interest rate of 5.10% p.a.?
_____years ______months
Express the answer in years and months, rounded up to the next month
2.Juliana invested $3,100 at a rate of 5.75% p.a. simple interest. How many days will it take for her investment to grow to $3,200?
______days
Round up to the next day
3.If $4,000 is borrowed at a simple interest rate of 4.90% p.a., calculate the interest charged for 6 months.
$________
Round to the nearest cent
4.Michelle lent $6,400 at 5% p.a. on March 27, 2014. Calculate the amount of interest she should receive if the loan extends until February 18, 2015.
$_______
Round to the nearest cent
5.Rebecca earned $2,991 as interest by lending a certain amount at 1.00% p.m. for 13 months.
a. Calculate the loan principal.
$_______
Round to the nearest cent
b. Calculate the loan's maturity value.
$________
Round to the nearest cent
6.Kaitlyn invested her savings of $1,550 in a savings account that was earning simple interest at 3.62% p.a. She also invested $3,575 in her friend's business at 0.22% p.m.
a. What is the interest rate per month that is equivalent to 3.62% p.a.?
________%
Round to two decimal places
b. What was the total interest earned from both investments at the end of 12 months?
$_______
Round to the nearest cent
7.Donald invested $186 for 15 months in a bank and received a maturity amount of $213.50. If he had invested the amount in a fund earning 2.50% p.a. more, how much would he have had received at maturity?
$__________
Round to the nearest cent
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