Question: For each scenario below, identify the equation that should be used to calculate the requested value. Write the letter corresponding to the formula in the

For each scenario below, identify the equation that should be used to calculate the requested value. Write the letter corresponding to the formula in the blank provided. DO NOT SET UP OR SOLVE ANY EQUATIONS.

A. Simple interest, I = Prt B. Simple interest, A = P(1 + rt) C. Compound interest D. Annuity E. Payout annuity F. Loan

_____ Ellas grandparents deposit $50 each month for 15 years into an account earning 5.6% interest. How much money will be in the account after 15 years?

_____ Dante took out a simple interest loan to pay for a new 70-inch television. The interest rate was 4%. If Dante makes 6 payments of $101.66, how much did the television cost?

_____ Jude deposits $1,000 into a 3-year certificate of deposit (CD) that earns 2.1% interest compounded quarterly. How much money will be in the CD at the end of three years?

_____ The Short family is purchasing a home costing $150,000. They make a 20% down payment and finance the rest. They can get a 20-year mortgage at 6.45% interest. What is their monthly payment?

_____ A payday loan company charges $75 interest for a 1-month loan of $125. What interest rate are they charging?

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