Question: please answer the question with solution Navigate NIDES Workplace Math 11 3. Use the Simple Interest Formula to solve the following: (1 mark each) a)

please answer the question with solution

Navigate NIDES Workplace Math 11 3. Use the Simple Interest Formula to solve the following: (1 mark each) a) Calculate the amount of simple interest you would earn if you invested $3200 at 6% per annum for three years. b) If $77.40 was earned when $860 was invested for two years, what was the interest rate? c) How much money was invested if $283.50 was made on interest after 3.5 years at 6 3/4 % per annum? 4. Use the Compound Interest Formula to solve the following: (2 marks each) a) Calculate the total amount your investment would be worth if you invested $4500 at a rate of 3.5% compounded monthly for 4 years. b) Calculate the amount of interest you would earn if you invested $8,000 in a GIC that paid 2.75% compounded quarterly for three years. 5. A customer took out a $600 payday loan and was charged $55 interest when they repaid the loan 8 days later. (1 mark each) a) What was the daily interest rate charged on this loan ? b) What was the yearly interest rate charged on this loan ? 9-10

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