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MATH 110 Sec 8-2: Interest Practice Exercises

MATH 110 Sec 8-2: Interest Practice Exercises. Find the simple interest if the principal is $500, the interest rate is 11% and the time is 2 years. MATH 110 Sec 8-2: Interest Practice Exercises. If the simple interest on $ 3000 for 9 years is $ 1620, then what is the rate?.

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MATH 110 Sec 8-2: Interest Practice Exercises

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  1. MATH 110 Sec 8-2: InterestPractice Exercises Find the simple interest if theprincipal is $500, the interest rate is 11%and the time is 2 years.

  2. MATH 110 Sec 8-2: InterestPractice Exercises If the simple interest on $3000 for9 years is $1620, then what is the rate?

  3. MATH 110 Sec 8-2: InterestPractice Exercises Use the future value formula for simple interest to find P if A=$2448, r=6%, t=6.

  4. MATH 110 Sec 8-2: InterestPractice Exercises What is the value of an account at the end of 6 yearsif a principal of $13,000 is deposited in an account atan annual interest rate of 4% compounded monthly?(Round final answer to the nearest cent.)

  5. MATH 110 Sec 8-2: InterestPractice Exercises A student has a government-backed loan for which payments are not due and interest does notaccumulate until the student stops attending college.If the student borrowed $10,000 at an annual interest rate of 7.5%, how much interest is due 4 monthsafter the student must begin payments?

  6. MATH 110 Sec 8-2: InterestPractice Exercises A family is planning a vacation in 2 years. They wantto get a certificate of deposit for $1500 to be cashed in for the trip. What is the minimum annual simple interest rate needed to have $2100 for the vacation?

  7. MATH 110 Sec 8-2: InterestPractice Exercises The Consumer Price Index (CPI) is an inflation measure and is equal to the percent of change in the CPI between 2 years. a. What was the inflation rate from 1950 to 1990? (Roundinflationratepercenttoonedecimalplace.)

  8. MATH 110 Sec 8-2: InterestPractice Exercises The Consumer Price Index (CPI) is an inflation measure and is equal to the percent of change in the CPI between 2 years. b. Ifapairofsneakerscost$38in1950,usetheCPItoestimatethecostin1990.(Usetheunroundedvaluefrom part a but round the final answer to the nearest cent.)

  9. MATH 110 Sec 8-2: InterestPractice Exercises Compute the monthly payment for a simple interest loan of $2660, with an annual interest rate of 8% anda term of 5 years. (Round answer to the nearest cent.)

  10. MATH 110 Sec 8-2: InterestPractice Exercises A student graduates from college with $43,000 in student loans and a 6.5% annual simple interest rate. To reduce his debt as quickly as possible, beginning next month he is going to pay $700 per month toward the loan. After his first payment, how much will he still owe on the loan? (Round answer to nearest cent.)

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