Compound interest and amounts
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1) Find the discount and proceeds on a $3,260 face-value note for nine months if the discount rate is 9.5%. (use the bankers rule)
The discount is $ ? (round to the nearest cent as needed)
The proceeds are $ ? (round to the nearest cent as needed)
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2) A computer costs 2,941, Cathy pays a 20% per year finance charge on the cash price. If she contracts to pay the loan in 18 months, how much will she pay each month?
She will pay $ ? each month. (round to the nearest cent as needed)
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3) Find the future value and compound interest on 6,000 at 8% compounded semiannually for six years.
compound amount $ ? (round to the nearest cent as needed)
compound interest $ ? (round to the nearest cent as needed)
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Compound interest and amounts are assessed.
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