Question

If $200 is invested at 3.5% simple interest for 6 years, what will be the total amount of money in the investment account at the end of the 6 years?

Answer 1

A=P+Prt



A=200+200*0.035*6



A=200+200*0.21



A=200+42



A=242



So if you invest $200 at an interest rate of 3.5%, you'll have $242 in the account after 6 years.

Answer 2

A member of a credit union was loaned $2600 to pay for car repairs. The loan was made for 4 years at a simple interest rate of 5.5%. Find the interest due on the loan.

Answer 3

Interest = Principal * Rate * Time

I = Prt

I = 2600*0.055*4

I = 572

So the interest due is $572

Answer 4

I=Prt = 2600*0.055*4=572

Answer 5

total amount =3172

Answer 6

If $490 is invested in an account that earns 8%, compounded annually, what will the account balance be after 5 years? (Round your answer to the nearest cent.)

Answer 7

A=P(1+r/n)^(n*t)



A=490(1+0.08/1)^(1*5)



A=490(1+0.08)^(1*5)



A=490(1.08)^(1*5)



A=490(1.08)^(5)



A=490(1.4693280768)



A=719.970757632



A=719.97


So the account will balance after 5 years will be $719.97