solve the following word problems. 1. You invest $2000 in savings account that earns 4% for 4 years. a. Find the amount of simple interest that you would earn at the end of a 4-year period. b. What is the total amount of money that you will have after this 4-year period. 2. 16,800 at 5.5% for 1.5 years compounded monthly 3. Mr. Mogi borrowed 10,000.00 at 6% interest. Compute for the total amount that he has to pay back after3 years. 4. A newborn child receives a 20,000.00 gift toward a college education from her grandparents. How much will the 20,000.00 be worth in 15 years if it is invested at 7% compounded monthly? 5. One bank advertises an interest rate of 7.25%, compounded quarterly, on a ertificate of deposit. Another bank advertises an interest rate of 8%, compounded monthly. Which investment has the higher annual yield? Credit Cards and Consumer Loans Check Your Progress 1 An unpaid bill for $810 had a due date of May 8. A purchase of $511 was made on May 12, and $93 was charged on May 17. A payment of $600 was made on May 23. The interest on the average daily balance is 2.25% per month. Find the finance charge on the June 5 bill. Check Your Progress 2 You purchase a refrigerator for $925. You pay 35% down and agree to repay the balance in 12 equal monthly payments. The finance charge on the balance is 7.5% simple interest. a. Find the finance charge. b. Estimate the annual percentage rate. Round to the nearest tenth of a percent. Check Your Progress 3 XY Technologies is offering anyone who purchases a refrigerator an annual interest rate of 8.25% for 3 years. If Uriel purchases a luxury model refrigerator for $7615 from XY Technologies, find her monthly payment. Check Your Progress 4 James Aeron wants to pay off the loan on his jet ski that he has owned for 15 months. James Aeron's monthly payment is $314.15 on a 2-year loan at an annual percentage rate of 7.6%. Find the payoff amount