Author:
Christine Farr

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Find the simple interest on the loan.$1300 at 8% for 10 years.$Find the total amount due for the simple interest loan.$1100 at 8% for 10 years.$Determine the amount due on the compound interest loan. (Roundyour answers to the nearest cent.)$18,000 at 3% for 15 years if the interest is compounded in thefollowing ways.(a) annually$(b) quarterly$Find the term of the compound interest loan. (Round your answer totwo decimal places.)5.9% compounded quarterly to obtain $8100 from a principal of $2000.Yr=Use the "rule of 72" to estimate the doubling time (in years) for theinterest rate, and then calculate it exactly. (Round your answers to twodecimal places.)8% compounded annually."rule of 72"yrexactyranswerFind the effective rate of the compound interest rate or investment.(Round your answer to two decimal places.)28% compounded monthly. [Note: This rate is a typical credit cardinterest rate, often stated as 2.3% per month.]%You have just received $165,000 from the estate of a long-lost richuncle. If you invest all your inheritance in a tax-free bond fund earning6.2% compounded quarterly, how long do you have to wait to becomea millionaire? (Round your answer to two decimal places.)YrYou have just won $140,000 from a lottery. If you invest all this amountin a tax-free money market fund earning 6% compounded weekly, howlong do you have to wait to become a millionaire? (Round your answerto two decimal places.)YrIn the following ordinary annuity, the interest is compounded with eachpayment, and the payment is made at the end of the compoundingperiod.Find the accumulated amount of the annuity. (Round your answer tothe nearest cent.)$3500 annually at 6% for 10 years.$In the following ordinary annuity, the interest is compounded with eachpayment, and the payment is made at the end of the compoundingperiod.Find the required payment for the sinking fund. (Round your answer tothe nearest cent.)Monthly deposits earning 4% to accumulate $7000 after 10 years.

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