Q1)

A) Find the TOTAL AMOUNT due on a simple interest loan if the principal is $6,790 with a rate of 9.00% for 5 years. Assume the total amount of the loan payment is made in year 8.

USE SIMPLE INTEREST CONCEPT TO SOLVE THIS QUESTION, AND PROVIDE YOUR ANSWER UP TO CLOSEST 2 DECIMAL POINTS ONLY.

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B)

Jennifer borrowed $7,129 at an interest rate of 7.00%. She paid $1,907 simple interest for this loan. What was the DURATION (PERIOD) of her loan?

USE SIMPLE INTEREST CONCEPT TO SOLVE THIS QUESTION, AND PROVIDE YOUR ANSWER UP TO CLOSEST 2 DECIMAL POINTS ONLY.

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C)

At the BEGINNING OF EVERY YEAR, Adam puts $1,528 into his investment account, which pays 8.00% interest, compounded annually. He plans to do this for the next 12 years, how much is the ANNUITY savings will he have in the account after 10 years?

USE COMPOUND INTEREST CONCEPT TO SOLVE THIS QUESTION AND PROVIDE YOUR ANSWER UP TO CLOSEST 2 DECIMAL POINTS ONLY.

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NOTE: ONLY ANSWERS- WITHOUT EXPLAINATION PLEASE