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    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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    https://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.

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