David wishes to deposit $2000 in a bank for 5 years. Two banks caught his interests. SBD BANK -8% simple interest for 1st year -4% simple interest for subsequent years CBCO...

David wishes to deposit $2000 in a bank for 5 years. Two banks caught his interests. SBD BANK -8% simple interest for 1st year -4% simple interest for subsequent years CBCO...

May. 15, 2010, Leven Corp. negotiated a short-term loan of $703,000. The loan is due Oct. 13, 2010, and carries a 7.04% interest rate. Use ordinary interest to calculate the interest. What is...

How many years would it take $1,000 to grow to $5,000 assuming an annual interest rate of 15%?

If the simple interest on 2000 dollars over 9 years is 1620 Dollars, what is the interest rare

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8000 dollars is invested in a bank account at an interest rate of 8 per cent per year, compounded continuously. Meanwhile, 18000 dollars is invested in a bank account at an interest rate of 3 percent...

Last year, Justin had $20,000 to invest. He invested some of it in an account that paid 8% simple interest per year, and he invested the rest in an account that paid 7% simple interest per year. After...

Tom has $600,000. He purchased saving bonds at 8% per annum. After the first year he cashed the bond in and put the same sale on the bond at the bank which offered 15% internet. How much money does...

I get weird answers every time I try.

Interest homework question

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If $4500 is invested at an interest rate of 8.25% per year compounded continuously find the value of the investment after 10 years

Parents wish to have $150,000 available for a child's education. If the child is now 7 years old, how much money must be set aside at 3% compounded semiannually to meet their financial goal when the...

Hello. I am trying to solve this problem: "Suppose that the annual effective rate of interest is 6%, and an investment of $X is made at time 0. The investment has a return of $2000 after 4 years...

To borrow money you pawn your camera. Based of the value of it the pawnbroker loans you $350. Two months later, you pay back $450 to get your camera back. What was the interest rate

Johny opens a personal bank account to put into part of his monthly allowance. If the account gives an annual simple interest rate of 2%, express the amount in Johny's account as a function of time...

I have the answer already, (18) but I need an explanation or the formula used for computing it. I have been out of school for quite some time, and I am working through a test bank to spin...

A deposit of $2200 in a savings account reaches a balance of $2795.63 after 6 years. The interest on the account is compounded monthly. What is the annual intere rate of the account

A man has a simple discount note for $6400.00 at an ordinary bank discount rate of 8.84 % for 40 days. What is the effective interest rate? Round to the nearest tenth of a percent...