1 While rummaging through your attic, you find a certificate of deposit that had been left to you by your rich Uncle Dave. When you were five years old, he invested $10,000 in your name, at 6% compounded semi-monthly (twice a month). If you are now 30 years old, how much is the account worth?

2 How much interest is due on a loan of $3500 at 6 1/4% simple interest for 8 years?

3 Sandra Miller goes to the bank and borrows $15,000 at 9 1/2 % for 7 months. What is the maturity value of the loan?

4 Kim borrows $500 at 6 1/8 % simple interst for 200 days. If the bank uses ordinary interest, how much interest will Kim pay on this loan?

5 Tim paid the bank $19.48 interest at 9.5% for 90 days. If the bank uses ordinary interest, how much did Tim borrow?

On May 23, Carol Baker borrowed $4,000 from Summerville Credit Union at 13% for 160 days. The credit union uses exact interest. What is the maturity date of the loan? State the month name first and then the date. Do not use the number value for the month.

6 Robert missed an income tax payment of $2,600. The Internal Revenue Service charges a 15% simple interest penalty calculated by the exact interest method. If the tax was due on April 15 but was paid on July 17, what is the amount of just the penalty charged?

7 Jeff took out a loan for $5880 for 110 days. The bank uses the ordinary method for calculating interest. What rate of interest was charged if the amount of interest was $275? Round your answer to the nearest tenth of a percent.

8 Jeff took out a loan for $5880 for 110 days. The bank uses the ordinary method for calculating interest. What rate of interest was charged if the amount of interest was $275? Round your answer to the nearest tenth of a percent.

9 If an account earns 5% compounded quarterly, what is the period rate? State your answer as a percent in decimal form rounded to the nearest hundredth of a percent.

10 An account earns 8% compounded weekly for 18 years. What is the total number of compounding periods?

11 What is the compound amount (future value) if $36,000 is invested at 12% compounded semi-annually for 7 years?

12 Sally invests $500 into an account that earns 3% compounded monthly. How much is in this account after 9 months?

13 George and Sandy want to save $50,000 in 5 1/2 years to redecorate their home. If their bank is paying 6% compounded monthly, how much must they deposit now to have this money for their project?

14 Judy invests $8,500 at 10% compounded weekly. How much is in this account after 15 years?

15 A child's parents wishes to have $40,000 in 15 years to pay for the child's college education. What amount should they deposit now if they can earn 8% compounded annually to achieve this goal?