ࡱ> 574 @ ObjbjVV ,Vr<r< 4 W7~!^"""""""6666666$8R';6Q"""""6""7,#,#,#".""6,#"6,#,#.2|3"! PR* 6"23'70W72;"^;$34";3X"",#"""""66$2"# 2Simple Interest Assignment Name:__________ 1. Explain what the different variables in the formula  EMBED Equation.DSMT4 represent. 2. Find the amount of each deposit. PrincipalRate per YearTimeInterestAmount$22009%3 years$17508%6 months$3259.5%12 weeks$161712%90 days$525 EMBED Equation.3 1 month 3. For each investment find the missing information. PrincipalRate per YearTimeInterestAmount$7008%2 years$12003 years$210$624.349.25%$941.9710.5%4.25 years$50032 weeks$76.95$824.31$100002 months$1250 4. A fishing company obtains a loan of $14,500 to purchase new equipment. If the interest rate is 9.5% annually, how much money is to be paid back after 6.5 years? 5. Lori borrows $2770 from a bank. How much interest will be paid in 3 years if the interest rate is 10 EMBED Equation.DSMT4 % per annum? 6. Chris wants to buy a scooter for $1150. He can put $740 in the bank now at an interest rate of 10% per annum. In how many years will he be able to buy the scooter? 7. Jim borrows $1947.34 to buy a laptop computer. How much interest at 9.5%, will Jim have paid in 3 years? 8. Jeff wants to buy a ski-boat. The engine alone will cost $3995. If Jeff invests his $3000 summer earnings, what rate of interest will allow him to buy the motor in 3 years? Compound Interest Assignment Substitute the values of each investment into the formula A = P(1+ i)n. Use a calculator to evaluate. a) $400 at 6% per year, compounded annually, for 5 years b) $1800 at 8.4% per year, compounded semi-annually, for  EMBED Equation.DSMT4  years c) $2150 at 1.2% per year, compounded monthly, for 19 months d) $10 800 at 8.4% per year, compounded quarterly, for 14 years  Renata invested $15 000 at 6% per year, compounded monthly, for  EMBED Equation.DSMT4  years. Calculate the amount of interest she earned on her investment. Jonathan borrows $9000 from a financial institution for the purchase of a used car. The terms of the loan require Jonathan to pay interest at 4% per year, compounded semi annually, and repay the total amount at the end of 2 years. a) How much does Jonathan need, to repay at the end of 2 years? b) How much interest does this repayment include? Find the value of a $4600 investment at 8% per year for 4 years if interest is compounded a) annually b) semi-annually c) quarterly d) monthly e) weekly  When Marta was 5 years old, her parents invested $12 000 for her in a plan that earns 6% per year, compounded semi-annually. How much will the investment be worth when Marta is a) 12 years old? b)18 years old? A $950 investment is made at 10% per year, compounded quarterly. How much interest will the investment make in the a) 5th year? b) 10th year?  9. Minh needs a loan of $7000 for 6 years. a) Which plan will require him to pay the least amount of interest? 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