You take out a 2-year, $5,000 loan at 9% interest with monthly payments. The lender charges you a$100 fee that can be paid off, interest free, in equal monthly installments over the life of the loan. Thinking of the fee as additional interest, what is the actual annual interest rate you will pay?

Use the formula I = PRT, where I = interest in dollars, P = principal or loan amount, R = interest rate written as a decimal, and T = time in years.

Find the interest if principal of $5200 is invested at$7 $\frac{1}{2}$%$ (or .075) for one year.

Regina deposits $\$3,500$ in a savings account that pays $7\frac{1}{2}\%$ interest, compounded semiannually. How much more interest does Regina earn at an interest rate of $7\frac{1}{2}$ compounded semiannually than compounded annually?

Fill in each blank so that the resulting statement is true. If you are selecting the best investment from two or more investments, the best choice is the account with the greatest _______ , which is the _____ interest rate that produces the same amount of money at the end of one year as when the account is subjected to compound interest at a stated rate.

The formula A=p+prt gives the amount of money A in an account where the initial deposit is p and the money grows at a simple annual interest rate of r for t years. Assume no other deposits or withdrawals are made.

How much was deposited in the account if the amount in the account after 6 years is $17.70 and the interest rate is 3%?

In each of the following compound interest equations with t representing the account term, determine the number of times the account is compounded per year and the interest rate percent. $15669.93=10000(1.00375)^{12 t}$

Fred’s credit union offers a simple interest home equity loan that uses a daily rate. For such loans, interest is computed using the following formula: (Loan balance) (daily rate)(days between payments) If Fred borrows $15,000 at a daily periodic rate of 0.000144 and he pays the loan off in one single payment of$18,153.60, how long was the term of the loan?

Nick borrowed $\$ 7150$, to be repaid after 5 years at an annual simple interest rate of $6.25 \%$. How much interest will be due after 5 years? How much will Nick have to repay?

Interest on a credit card’s unpaid balance is calculated using the average daily balance. Suppose that netBalance is the balance shown in the bill, payment is the payment made, d1 is the number of days in the billing cycle, and d2 is the number of days payment is made before billing cycle. Then, the average daily balance is:

$$averageDailyBalance = (netBalance * d1 – payment * d2) / d1$$

If the interest rate per month is, say, $0.0152$, then the interest on the unpaid balance is:

$$interest = averageDailyBalance * 0.0152$$

Write a program that accepts as input $netBalance, payment, d1, d2,$ and interest rate per month. The program outputs the interest. Format your output to two decimal places.

Use the formula and tax tables provided in this lesson to perform all computations. Find the effective federal income tax rate of a married couple with no children, who have a combined income of $34,000.

Observer S reports that an event occurred on the x ax.is of his reference frame at

$$x = 3.00 \times 10 ^ { 8 } \mathrm { m }$$

at time t = 1.50 s. Observer

$$\mathbf { S } ^ { \prime }$$

and her frame are moving in the positive direction of the x axis at a speed of 0.400c. Further,

$$x = x ^ { \prime } = 0 \text { at } t = t ^ { \prime } = 0$$

. What are the (a) spatial and (b) temporal coordinate of the event according to

$$\mathbf { S } ^ { \prime }$$

? If

$$\mathbf { S } ^ { \prime }$$

were, instead, moving in the negative direction of the x axis, what would be the (c) spatial and (d) temporal coordinate of the event according to

$$\mathbf { S } ^ { \prime }$$

?

Continuously compounded interest Ten thousand dollars is invested in a savings fund in which interest is compounded continuously at the rate of $7 \%$ per year.

How long does it take for money to double in the account?

Leroy borrowed $8250 to be repaid after 3 years at an annual simple interest rate of 7.25%. How much interest will be due after 3 years? How much will Leroy have to repay?

Complete the following compound interest chart.