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- If you put your $100 into a saving account which earns 5% interest, how long does it take for your money to double?Mary takes out a loan for $1000 at a simple interest rate of 5% for a period of 3 years. Calculate the total amount that Mary must pay back at the end of the loan period. Round your answer to two decimal placesHow to convert daily interest rate into monthly interest rate?
- Today you deposited $10,000 in a savings account paying 7% annual interest. How much should you have at the end of five years?What is Effective interest?Maria takes out a 30-year mortgage for $235,136 at an annual interest rate of 4.2%. How much does she still owe when there is 1 year left on the loan? Round your answer to the nearest dollar.
- Discuss and illustrate the different types of annuity.Jenny wishes to double her financial fund and the bank gives her 8% rate of interest annually, how many years does Jenny needs to deposit a money to achieve her goal?A grandfather gave his grandchild $100 for his 10th birthday. The child’s parents talked him into putting this gift into a bank account so that when he had grandchildren of his own he could give them similar gifts. The child lets this account grow for 50 years, and it has $100,000. What wasthe interest rate of the account?