4. If Dan borrows $1200 from a bank that is charging him 4% simple interest, what is the total amount he’ll repay the bank at the end of 2 years?
5.Suppose you invest $3000 into an account paying 2.5% interest compounded monthly for 8 years. What is the total value of the investment at the end of the 8 years?
6. If Haley invests $900 into an account paying 6% interest compounded quarterly. how much interest will she have earned after 5 years?
7. Find the effective annual yield of 7.4% interest compounded semiannually. Give the answer as a percentage rounded to the nearest tenth.
9. Paul makes quarterly payments of $150 into an annuity earning 3% interest compounded quarterly. Find the total value of the annuity after 20 years.
10. Ben has 2 years to save $10000 for his upcoming wedding. He’s paying monthly into a sinking fund that earns 8% interest compounding monthly. How much is he paying each month?
13. Jacob is mortgaging $270,000 with a 30-year conventional loan at a 3.25% interest rate. Calculate his monthly payment.
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