Question: 1.Identify the formula you would use to answer the question, and then use it to find the answer a.Shelby wants to save $2000 in 3

1.Identify the formula you would use to answer the question, and then use it to find the answer

a.Shelby wants to save $2000 in 3 years to buy living room furniture.If they have an account which pays a 6% APR, compounded monthly, how much do they need to save each month?

b.Darnell loans a friend $1500 for 6 months, at an APR of 15%, simple interest.How much will their friend pay them back at the end of 6 months?

c.You can afford $200 for a car payment.If the APR is 3.25% and they loan you the money for 4 years, compounded monthly, how much can you afford to borrow?

d.Amelie wants to save $5000 over 10 years in an account which compounds quarterly. If they can deposit $2000 now, what APR must the account pay for them to save the money?

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