If you had the choice of 5% simple interest or 5% compound interest for a savings account, which one would give you more money?

Q: An amount of money was invested at simple interest amounts to ₱815 in 3 years and ₱854 in 4 years.…

A: here on using the formula Amount = principle + simple interest ,we will get the invested money

Q: If money is worth 4% compounded quarterly, how much (in $) would the house have cost if she had paid…

A: Concept: The trigonometric ratio are ratios, sine, cosine, tangent, cosecant, secant and cotangent.…

Q: A man needed P250, 000 at the end of 3 years, how much money must he deposit quarterly in an…

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Q: A sum of $50,000 is invested in a savings account which pays interest at a rate of 9% per year…

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Q: At what simple interest rate is P16 500 invested if it earns an interest of P1 620 just after 1.5…

A: Given:  Principal amount p=16500  Amd amount of interest earns I= 1620  Time t=1.5 year   Then to…

Q: Camilla has $18,220 in a savings account. The interest rate is 5% per year and is not compounded. To…

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Q: A sum of $1000 was invested for 4 years, and the interest was compounded semiannually. If this sum…

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Q: Alexus would like to accumulate $154,600 for her retirement in 25 years. If her local bank promises…

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Q: You deposit $5,000 in a savings account that earns 6% simple interest per year. How many years will…

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Q: If you were investing money in an account and the interest rate was the same either way, would you…

A: If the same amount of money is deposited and the same rate of interest is applied then: Simple…

Q: Lupita deposited $5,000 into a savings account that earns 2% interest compounded annually. Rounded…

A: We are given with the interest rate and time duration and the initial payment and we have to find…

Q: Solve the problem. 3) If $4400 earned simple interest of $165.00 in 6 months, what was the simple…

A: To work out the rate of interest , under the given data,

Q: In order to have P250,000 in 5 years, how much should you invest if the compound interest is 12%?

A: Given Amount(A) = 250000 Rate(R) = 12 Time(T) = 5

Q: If you deposit $300 now in a savings account and increase your deposits by 10% each month, how much…

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Q: Michelle Payne deposited $12,000 in a savings account paying 6.25% simple interest. How long (in…

A: Let it will take t years to be a amount of $12,000 deposited in a accountunit 6.25%.Simple interest…

Q: If the present worth of a company is 3000$ with interest rate of 9% for 6 years, the EUAC of the…

A: Given: Present value = $ 3000 Interest rate = 9% Number of periods n = 6 years

Q: Ron Hampton needs to choose between two investments: One pays 6% compounded annually, and the other…

A: We will use: If P dollars is invested at a yearly rate of interest r per year, compounded m times…

Q: If you invest $2000 at 6% compounded monthly, how long will it take the account to double in value?

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Q: At a 5 % annual interest rate, a principal of $2,000 earns $ 400. How long was the principal…

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Q: When the mortage is completely paid off for Marks and Lynee's house, it will be 4 times as old as it…

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Q: · A local car wash charges $3 per wash, or one can pay $12.98 for 5 washes, payable in advance with…

A: 5) A local car wash charges $3 per wash. One can pay $12.98 for 5 washes which are payable in…

Q: If $5000 is invested at 6% simple interest, how long does it take this investment to be worth $7700…

A: Given that $5000 is invested at 6% simple interest.

Q: If you invested $10,000 at 9% interest, compounded quarterly, then how much would this investment be…

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Q: If you want to earn 9% annual simple interest on an investment, how much should you pay for a note…

A: Given that  worth $28,700.00 in 5 months. 9% annual simple interest on an investment,

Q: Mika's parents want to have enough saved to give her $15 000 a year - for 4 years of college. They…

A: Mika's parents want to give $15000 per year for 4 years of college. Therefore they want to give…

Q: How much final amount would Abraham receive if he invest P100,000 for 1 year and 3 months at 11%…

A: Use the formula to calculate the simple interest as follows:

Q: If the interest rate on a $5,000 loan is 10%, what is the total amount due (principal and compound…

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Q: Jessica would like to have $36,000 to buy a new car in 9 years. To accumulate 36,000 in 9 years, how…

A: We have to find that how much would Jessica need to invest monthly in a sinking fund with 6%…

Q: You are now 20 years of age and decide to save $100 at the end of each month until you are 65. If…

A: When we invest a fixed sum at a fixed interval of time, it is called an annuity. The formula to…

Q: If a bank advertises "triple your money in 12 years", what simple rate of interest is it offering?

A: We need to calculate the simple interest that the bank offers. The bank says "triple your money in…

Q: For her first birthday, Ruth's grandparents invested $800 in an 18 year certificate for her that…

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Q: If $600 is borrowed and the interest after 24 months is $120, what is the annual interest rate for a…

A: Solution

Q: What interest will be charged on a $1200 loan for 9 months if the rate is 12%simple interest

A: In the given question we have to calculate the simple interest on $1200 loan for 9 months at the…

Q: If the rate of interest in Example 2 was 6% instead of 1.2%, how much will the account have after 24…

A: Principal Investment (P) =$1000 Rate of interest (R) = 6% per annum = 612% per month=12% per month…

Q: A friend lends you $860, which you agree to repay with 2% simple interest. How much will you have to…

A: Other

Q: if $120 double in approximately 11 years, what is the interest rate

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Q: Given the principal of $5000 and an investment that pays 8% interest, compounded monthly. How much…

A: Consider the given information.   The principal amount is $5000 at the rate of 8% and invested for 7…

Q: If I have $500 in my account after 4 years of investing at 2.5% per year, how much money did I start…

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Q: Banks will often loan businesses large sums of money for short periods of time. If a company needs a…

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Q: Riley invested $5,100 in an account paying an interest rate of 7-% compounded quarterly. Ryan…

A: Use the formula A=P1+rnnt. Where P is the principle amount, r is the rate of interest, n is number…

Q: If you want to earn 15% annual simple interest on an investment how much should you pay for a note…

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Q: Jimmy deposits $4000 at a bank with an interest rate of 4.5% per year and he has no plans of…

A: From the given information, the principal investment is P=$4000, interest rate r=0.045, and n=1 and…

Q: Dylan invested $700 in an account paying an interest rate of 1 % compounded quarterly. Sebastian…

A: Given: Dylan:Invested amount=$700Interest rate=134%Number of conversions=compounded…

Q: Mr. Charles, a rich businessman, divided his wealth of $170 million between his two sons, Jason and…

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Q: Sophie owes Sam P75,000.00 due in one year and P225,000.00 due in 4 years. She agrees to pay…

A: The effective annual interest is calculated using the formula Effective Annual interest Rate=1+inn-1…

Q: A bank pays 6 % interest annually on savings, compounding the interest yearly. If we deposit $1000,…

A: Consider the given information.

Q: At the end of 9 months, the balance of an account earning annual simple interest is $8180. If at the…

A: Given:Account balance after 9 months = $8180Account balance after 15 months = $8300Let A(t) be the…

Q: Suppose your savings account pays 8% interest compounded quarterly. If you deposit $15,000 for two…

A: Given: Interest rate r = 8% r = 0.08 Deposit amount or principal amount P = 15000 Time period t = 2…

Q: The APR of Bessie's savings account is 6%, and interest is compounded monthly. If the principal in…

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Q: Joshua heard that he could triple his money in 27 years if he invested it in his friend's…

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