consumer mathematics (help pls)

Question

1) find the quarterly interest rate if the annual rate is 8%.

2) tom allan bought 3 series EE Savings Bonds with a fee value of $100 each. How much did he pay for the bonds?

3)Sue pays an annual fee of $10 for her safety deposit box. Lynn pays an annual fee of $12.25 for her box. How much more will lynn pay for renting the box over a period of 5 years?

Answer 1

1. The quarterly interest rate would be 2%
2. i_quarterly = i_annual / 4
3. The purchase price of $100 EE bonds is $200. If Tom purchased 3, 3 x 200 = $600.
4. Sue pays $10/year, so for 5 years she would pay 10 x 5 = $50. Lynn pay $12.25/year, so for 5 years she would pay 12.25 x 5 = $61.25. The difference in the two amounts is 61.25 - 50 = $11.25. Therefore, Lynn will pay $11.25 more than Sue.