Solve the problem. Assume that simple interest is being calculated in each case. Round the answer to the nearest cent
unless otherwise indicated.
-John Lee's savings account has a balance of $4610. After 21 months, what will the amount of interest be at 4.3% per year?
A) $219.24
B) $198.23
C) $346.90
D) $219.52
Correct Answer:
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Q2: Find the future value of the deposit
Q3: Use the compound interest formula to compute
Q4: Find the future value of the deposit
Q5: Use the compound interest formula to compute
Q6: Use the compound interest formula to compute
Q7: $4000 at 4.07% for 28 months
A)$4558.40
B)$37,986.67
C)$379.87
D)$5.81
Q8: Solve the problem. Assume that simple interest
Q9: Solve the problem. Assume that simple interest
Q10: Solve the problem. Assume that simple interest
Q11: $1660 at 6% for 4 months
A)$398.40
B)$33.20
C)$24.90
D)$3320.00
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