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INTEREST (GRADED)
1.You invest $5,800 over a period of 30 months at 5 1/4% simple interest.What is the total value of your investment at the end of the 30 month period?
2.Mary deposits $15,000 into a savings account that pays 3.75% interest compounded daily.What will the balance be after five years?
3.Suppose Mary needs $32,000 in five years for a new car.If her account pays 3.75% interest compounded daily, how much must she deposit today to have the money for the car? What is the term used for this value?
4.The Happy Savings Bank offers a nominal interest rate of 6% compounded quarterly, whereas the People’s Credit Union offers a nominal interest rate of 6.2% compounded semi annually.