Miscellaneous interest compounding problems
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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) $________.
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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 ...
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