Question

Determine the total in Dexter's account after the second month using the information below.
Dexter Banler's account
Principal: $1,604
Rate: 10% compound
Length of period: month

>$3208.00
$1764.40
$1630.85

3. Ray Sugar's account
Principal: $1,700
Rate: 9.5% compound
Length of period: quarter
Third quarter's interest: _________

$161.50
>$16.15
$42.32

4. Determine the total in Ray's account after three quarters using the information below.
Ray Sugar's account
Principal: $1,700
Rate: 9.5% compound
Length of period: quarter

>$1,861.50
$1824.03
$1716.15

5. Determine the second quarter's interest earned by Sue's account using the information below.
Sue Palka's account
Principal: $2,118
Rate: 8.75% compound
Length of period: quarter
Second quarter's interest: _________

$185.33
$176.56
>$47.34

6. Determine the total in Sue's account after 2 quarters using the information below.
Sue Palka's account
Principal: $2,118
Rate: 8.75% compound
Length of period: quarter

>$2,211.67
$2,165.34
$2,303.33

7. Determine the total loan amount for Sean Combs.
Amount of loan: _________
Number of payments: 9
Each payment: $15.90
Interest: $18.10


$125
$143.10
>$124.20

8. Determine the number of payments for Micah McCarter.
Amount of loan: $5,500
Number of payments: _________
Each payment: $125.13
Interest: $506.24

44
> 48
52

9. Determine the amount of each payment for Kyle Moneymaker.
Amount of loan: $1,500
Number of payments: 24
Each payment: _________
Interest: $66

>$62.50
$66.75
$65.25

10. Kristen Taylor purchased a new coat for $289. She paid $50 down and borrowed the remainder. She had to make 8 payments of $32.27 each. How much interest did she pay on the loan? $59.16
$19.16
>$29.16

11. Borrowed: $250
Loan type: single payment
Interest rate: 12%
Time of loan: 2 months
Amount to repay: _________
>$255
$280
$310

12. Borrowed: $500
Loan type: installment
Interest rate: 8.5%
Number of payments: 12
Monthly installment: _________
$45.21
$41.67
>$43.61

13. Borrowed: $474
Loan type: single payment
Interest rate: 16%
Time of loan: 1 month
Amount to repay: _________
>$549.84
$480.32
$492.34

14. Borrowed: $800
Loan type: single payment
Interest rate: 15%
Time of loan: 3 months
Amount to repay: _________
$920
$860
>$830

15. Borrowed: $950
Loan type: monthly installments
Interest rate: 9.5%
Number of payments: 30
Monthly installments: _________
$39.19
$32.80
>$35.70

16. Borrowed: $400
Loan type: add-on
Interest rate: 9%
Number of payments: 12 monthly installments
Monthly payment: _________
$36.33
$34.56
>$37.65

Answer 1

Up to #9, you have #6 and #8 are correct.

I will appreciate if you could show how you worked out the remaining numbers so that any incorrect notions could be corrected accordingly.

There is no use throwing a coin to make a guess if you don't know how to get the right answer.

For example, in the first question, the principal is $1604. At 10% for a whole year (instead of two months), it would be approximately 10% more at about $160 in interest. So it is impossible to expect $3208 over two months!

Try calculated guesses if you have to make them.

Answer 2

Drew borrowed $1,250. He made 12 payment of $118

Answer 3

Borrowed $950 and make monthly installment at 9.5% for 30 payments how many monthly installments are there?

Answer 4

Are the answers right or wrong above?