# Miscellaneous interest compounding problems

1. Interest is compounded semiannually. Find the final amount and the interest earned after the given time.

Principal - $3,000. Rate of Interest 4%. Time 3 years. The final amount in the account is $________. The interest earned is $_______.

2. Find the present value of the following future amount. $300,000 at 11% compounded annually for 10 years. What is the present value?

3. Suppose that $290,000 is owed on a house after the down payment is made. The monthly payment for principal and interest a 9.0% for 30 years is 290*8.04623 = $2333.41. What is the total amount that will be paid for principal and interest? (Rounded to the nearest cent)_______. If the total interest charged is the total amount paid minus the amount financed, what is the total interest? (Rounded to the nearest cent) $________.

Â© BrainMass Inc. brainmass.com March 5, 2021, 1:38 am ad1c9bdddfhttps://brainmass.com/math/basic-algebra/miscellaneous-interest-compounding-problems-604680

#### Solution Preview

Please see attachment. Below is a cut and paste version.

1. Interest is compounded semiannually. Find the final amount and the interest earned after the given time.

Principal - $3,000. Rate of Interest 4%. Time 3 years. The final amount in the account is $________. The interest earned is $_______.

Final ...

#### Solution Summary

This posting provides step-by-step solutions for miscellaneous interest compounding problems.