10 math problems. Must show all work. I have included a sample problem and work. Thank you

 

 

EXAMPLE: Use the formula for future value simple interest to find the indicated quantity.
A = 22135, P = 19000, t = 39 weeks and find r =?
Solution: A = P (1 + rt), Present Value
(A) = 22135, Principal
(P) = 19000, time
(t) = 39 weeks,
Rate (r) = ?
22135 = 19000(1 + r(39/52)) Convert time to decimal notation 22135 = 19000(1 + 0.75r) Divide both sides by 19000 to isolate r 22135/19000 = [19000(1 + 0.75r)]/19000 Simplify both sides 1.165 = 1 + 0.75r Subtract one from both sides 1.165 - 1 = 1 - 1 + 0.75r simplifying both sides 0.165 = 0.75r
0.165/0.75 = 0.75/0.75r
0.22 = r Divide both sides by 0.75 to solve for r
Convert your decimal value to percent by
Multiplying value by 100 22% = r Make the indicated conversion. Assume a 360-day year as needed.
1) 150 days to a simplified fraction of year Use I = Prt for simple interest to find the indicated quantity.
2) I = $750, r = 6%, t = 6 months. Find P. Use the formula A = P(1 + rt) to find the indicated quantity. 3) P = $7996; r = 6%; t = 10 months. Find A. Use the formula A = P(1 + rt) to find the indicated quantity.
4) Allan borrowed $6300 from his father to buy a car. He repaid him after 9
months with interest of 11% per year. Find the total amount he repaid. Find the compound interest earned. Round to the nearest cent.
5) $14,000 at 5% compounded annually for 3 years Provide an appropriate response. Round to answer to two decimal
places.
6) An investment company pays 7% compounded quarterly. What is the
effective rate? Solve the problem. Round to the nearest cent as needed.
7) The average cost of a 4-year college education is projected to be
$130,000 in 16 years. How much money should be invested now at 6.5%,
compounded quarterly, to provide $130,000 in 16 years? Solve the problem. Round to the nearest cent as needed.
8) Sandra deposits $3000 in an ordinary annuity at the end of each
semiannual period at 4% interest compounded semiannually. Find the
amount she will have on deposit after 25 years. Find the future value of the ordinary annuity. Interest is
compounded annually unless otherwise indicated.
9) PMT = $7,500, i = 7% interest compounded semiannually for 5 years Find the monthly house payment necessary to amortize the following
loan. Round the answer to the nearest cent.
10) In order to purchase a home, a family borrows $267,000 at 10.8% for 15
yr. What is their monthly payment?

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