1. Calculate the amount of simple interest paid on a loan of $8,000, at a rate...

Transcribed Image Text:

1. Calculate the amount of simple interest paid on a loan of $8,000, at a rate of 5.2% per year for six years. Then calculate the total amount of the loan. 2. Calculate the amount of simple interest earned on a deposit of $800, at a rate of 1.82% per year for 45 months. Then calculate the total amount of the investment. Round your answer to two decimal places. 3. Calculate the rate of simple interest needed for an investment of $10,000 to grow to $40,000 over 25 years. 4. Maria is starting a new business. She would like to borrow $750 today at 5.7% interest, compounded semi-annually. Determine the amount Maria must pay back in two years. Round your answer to two decimal places. 5. Graeme would like to save money for the down payment on a house and hopes to have $12,000 in eight years. How much should Graeme invest today at 2.1% interest, compounded bi-weekly, to have $12,000 in eight years? 6. Calculate the total amount of a loan of $17,600, at 8.75% interest for four years, using both simple and compound interest. Determine the difference in the amounts. Assume the loan is compounded annually when calculating compound interest. Round your answers to two decimal places. 1. Calculate the amount of simple interest paid on a loan of $8,000, at a rate of 5.2% per year for six years. Then calculate the total amount of the loan. 2. Calculate the amount of simple interest earned on a deposit of $800, at a rate of 1.82% per year for 45 months. Then calculate the total amount of the investment. Round your answer to two decimal places. 3. Calculate the rate of simple interest needed for an investment of $10,000 to grow to $40,000 over 25 years. 4. Maria is starting a new business. She would like to borrow $750 today at 5.7% interest, compounded semi-annually. Determine the amount Maria must pay back in two years. Round your answer to two decimal places. 5. Graeme would like to save money for the down payment on a house and hopes to have $12,000 in eight years. How much should Graeme invest today at 2.1% interest, compounded bi-weekly, to have $12,000 in eight years? 6. Calculate the total amount of a loan of $17,600, at 8.75% interest for four years, using both simple and compound interest. Determine the difference in the amounts. Assume the loan is compounded annually when calculating compound interest. Round your answers to two decimal places.

Answer rating: 100% (QA)

Simple and Compound Interest Calculations 1 Simple Interest Principal P 8000 Rate R 52 per year Time ... View the full answer