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# Find the simple interest

Find the simple interest on a \$9,212 investment made for 5 years at an interest rate of 6.5% per year.

Find the accumulated amount at the end of 11 months on a \$325.50 bank deposit paying simple interest at a rate of 3.25% per year.

Find the future value of \$1,234 invested at 3.46% per year compounded quarterly for 7 years.

Find the present value of \$11,250 due in 6 years at an interest rate of 4.25% per year compounded monthly.

Tamara would like to take a vacation to the Caribbean islands in 3 years. She invests \$2,700 in a savings account that pays 4.75% per year compounded monthly. How much will she have available for her vacation in 3 years.

Charlie recently found out that he is going to be a grandfather. He's decided to plan ahead and invest some money in an account for his new grand child's college education in 18 years. He's invested \$3,500 in an account that pays 4.5% per year compounded monthly. He plans to leave this investment in this account for 18 years. How much money will his grandchild have towards his / her college education in 18 years.

A local pizza delivery restaurant anticipates that it will need a new delivery car in 3 years . the car they are interested in buying cost \$10,000. How much should the pizza place invest each quarter cover the next 3 years in an account that pays 3% per year compounded quarterly, to buy this new car when they anticipate needing it.

Ted plans to retire in 21 years and decides to start saving for his retirement now. He wishes to have \$350,000 when he retires. The account he's decided to invest in pays 7.25% per year compounded monthly. How much must he invest monthly achieve his goal.

Newlyweds, Kate and Leo, have just purchased a new home. They made a down payment of \$7500.00 and financed the rest through their credit union. Their monthly payments are \$900.00 over 25 years. The interest charged is 7.35% per year compounded monthly. How much was the purchase price of the house.

Trang would like to help his grandmother financially. He'd like for her to have \$750.50 per month for the next 7 years. And account at his credit union will pay 4.75% per year compounded quarterly for 8 years. How much does he need to invest today in his account, so that he can set up this account for his grandmother?

Kaylin is planning on buying a home in 8 years. She'd like to have \$9,500 for a down payment in 4 years. Her credit union has an account that will pay 4.70% per year compounded quarterly. How much must she invest now in this account to have the desired funds available in 9 years.

#### Solution Summary

Find the simple interest and other functions.

\$2.19