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College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter6: Linear Systems
Section6.5: Determinants
Problem 69E
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Name Period HW 5 Interest. Algebra 2 Write an equation for each situation. Then solve the problem. 1. Emma has $600 in a bank account that earns 3.6% annual interest. How much money will she have in the account after 8 years? 2. Jack got a loan to buy a new car. He borrowed $5500 and must pay 12% annual interest. How much money will he have to pay back if he pays it five years later? 3. Zach is going to college next year. He is going to borrow $14,000 for tuition. The loan has an interest rate of 3.2% annually. How much is the loan worth 12 years later? 4. Cynthia is saving money to send her son to college. She has $8000 in an account that earns 7.1% interest per year. How much will she have in the account after 6 years? 5. Nine years ago, Matthew put money in an account that earns 6% annual interest. The account now has $14000 in it. How much did he originally have in the account? 6. Charlie just finished paying a loan. It took him 4 years and the annual interest rate was 15%. If he paid $9500 at the end, how much was the original loan for?
Transcribed Image Text:Name Period HW 5 Interest. Algebra 2 Write an equation for each situation. Then solve the problem. 1. Emma has $600 in a bank account that earns 3.6% annual interest. How much money will she have in the account after 8 years? 2. Jack got a loan to buy a new car. He borrowed $5500 and must pay 12% annual interest. How much money will he have to pay back if he pays it five years later? 3. Zach is going to college next year. He is going to borrow $14,000 for tuition. The loan has an interest rate of 3.2% annually. How much is the loan worth 12 years later? 4. Cynthia is saving money to send her son to college. She has $8000 in an account that earns 7.1% interest per year. How much will she have in the account after 6 years? 5. Nine years ago, Matthew put money in an account that earns 6% annual interest. The account now has $14000 in it. How much did he originally have in the account? 6. Charlie just finished paying a loan. It took him 4 years and the annual interest rate was 15%. If he paid $9500 at the end, how much was the original loan for?
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