1) If you borrow $1,000 and pay back $1,728 in three years, what annual rate of interest are you paying?

2)You just won some money in the lottery and would like to save a portion of it so that you will have $50,000 to put a down payment on a house in five years. Your bank pays a 5% rate of interest. How much money will you have to set aside from the lottery winnings?

3)How much will $25,000 grow to in five years at a 5% annual rate that is compounded quarterly?

Answer rating: 100% (QA)

1 To find the yearly pace of interest we can involve the recipe for build interest Future Worth Head ... View the full answer