Lorenzo borrows $25000 to start a landscaping business. Lorenzo’s plan is to pay the loan back in 5 years, at which time he will need to pay $38824.24. If interest is charged semi- annually, what annual rate of interest is he being charged?

Sonia received a statement on her Certificate of Deposit showing that her investment had returned $4,320 over its life. If the Certificate of Deposit pays a simple interest rate of 4.8% and her initial investment was $12,000, how long had the money been invested?

John buys a stereo system for $640. He agrees to pay $32 a month for 2 years. Assuming that interest is compounded monthly, what interest rate is he paying?

Karina has two investment options for $20,000 she is saving for her future college expenses. One account pays 2.3% interest compounded weekly. The second account pays 5.7% compounded quarterly. Which account will have the larger balance after 3 years?

How much interest will Lexi have to pay if the gas company charges 1.5% late fee a month and she is one month late in paying her $299.00 gas bill?

Louie, the Loan shark, is willing to lend money to John, the construction contractor, however he wants to quadruple his money in 16 weeks. If Louie loans John $1,300.00, what weekly interest rate must Louie charge to get quadruple his money?

Akomiah deposits GH¢1,000 into his bank account. The bank credits interest at nominal annual rate j,convertible semi annually, for the first seven years and nominal annual rate 2j,convertible quarterly, for all years thereafter. The accumulated value of the account at the end of 5years is 2x. If the accumulated value of the account at the end of 10.5years is GH¢1,980,fund the value of x.

Richard invests $298.66 every month into an account. At the end of 30 years, he has a balance of $181,092.15. What interest did he make over 30 years?

Suppose that under your health insurance policy, hospital expenses are subject to a $750 deductible and $150 per day copay. You get sick and hospitalized for 4 days, and the bill (after your insurance discounts are applied) comes to $6250. How much of that hospital bill will you have to pay yourself.

Warren opens a savings account, with the goal of saving $25,000 by making deposits each month for the next 10 years. If the account pays 5.5% interest, how much should Warren deposit each month?