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Splitting twice 2017-11-11
From Terry:
4 people are splitting 1/3 of something. 1 is to receive twice as much as the other 3. what it the fractional interest for each?
Answered by Penny Nom.
An investment for 20 months 2015-01-12
From rose:
Darnell wants to have 2700$ to purchase a tv in 20 months. what will he need to deposit today if he earns 5% annual interest compounded monthly
Answered by Penny Nom.
Simple interest 2014-03-08
From lynn:
I need to find what the interest will be for: 5000.00 @ 16.5% annual rate, and the same for 10.8 % for 5000.00 annual rate all one question

thank you for your aid

Answered by Penny Nom.
Compound interest 2013-05-10
From Kyla:
I am doing correspondents and cannot figure out how to explain the solution to this question, I do not understand how they came to this answer and need it explained step by step so I can complete the following questions in this unit, please help!!! Calculating compound Interest

Johnny invest $800 that pays 8% compounded quarterly for 5 years. How much is the investment worth at the end of the 5th year?

Answered by Penny Nom.
A problem involving simple interest 2012-09-27
From Tash:
The amount of money in a single year of an investment after P dollars were initially invested is A = P + Prt, where r is the rate of simple interest. What expression describes P? How much money was initially invested if the account has $1000 one year after the initial investment and the interest rate was 5%?
Answered by Penny Nom.
Simple interest 2011-12-11
From sandeep:
Use the formula I = Prt to solve.

Damon deposits $500 into a savings account that pays simple interest at a rate of 0.65% per year. How long will it take Damon to earn $130 in interest?

Answered by Penny Nom.
25 billion dollars 2011-08-26
From Bill:
If you have $25billion dollars, what would the value of this amount become if you inflated it at 4% per year for 55 years?=C2=A0 My TVM calculator will not go this high.
Answered by Penny Nom.
A one year investment 2011-07-01
From Jean:
If the yearly income from an investment is $30 and the annual interest rate is 12%,what is the original investment?
Answered by Penny Nom.
Simple interest 2010-11-17
From Abeth:
At what simple interest rate will a sum of money triple itself in 5 years time?
Answered by Penny Nom.
A loan 2010-06-16
From melody:
LOAN: 1000
TERM: 2 years
INTEREST: 2% (per month)
AMOUNT: ???

what is he formula of solving this and what is the answer..

Answered by Robert Dawson.
Compound interest 2010-06-01
From Kenneth:
Hello: I have a question regarding the following compound interest and future value calculation.

Year 1 P + rP equals balance after the first year.
Year 2 (P + rP) + r(P + rP) equals balance after the second year.
Year 3 ? equals balance after the third year.

This question is in two parts.

1. What would follow for year three?

2. I know that a pattern will develop. What will it be so that I can determine the extended pattern for following years ?

Answered by Penny Nom.
Interest 2010-05-04
From RW:
If you earned 55.00 for a year in your savings acct. The account pays 0.5 % interest. How much money did you initially have in the savings account.
Answered by Penny Nom.
Compound interest 2010-04-21
From Kenneth:
Let's say that an investor has $1000.00 to invest for 3 years at a rate of 5% at compound interest. Here is the formula:

M = 1000(1 + 0.05)^3 = $1157.62

If I want to change 1000(1 + 0.05) to (1000 + 0.05*1000) three times in a calculation instead of using (1 +0.05)^3, how would this be done?

I cannot get (1000 + 0.05*1000) + (1000 + 0.05*1000) + (1000 + 0.05*1000) to equal $1157.62.

I know that 1000(1.05)(1.05(1.05) will produce the answer, but I want to try to use the above non-factored calculation.

Answered by Penny Nom.
Compound interest 2010-02-27
From Allison:
Have $1000.00 in saving account compound annual interest rate 6% please calculate what it is worth 3 years, 5 years and 10 years?
Answered by Tyler Wood.
Susan's RRSP 2009-08-05
From Polly:
Susan contributed $500 every 6 months for 14 years into a RRSP earning interest @ 7.5% compounded semi-annually. Seven years after the last contribution Susan converted the RRSP into a RRIF which is to pay her equal 1/4 payments for 16 years. If the first payment is due 3 months after the conversion into the RRIF and the interest on the RRIF is 9% compounded 1/4, how much will Susan receive every 3 months?
Answered by Stephen La Rocque.
Investing in multiple accounts 2009-06-26
From Kenneth:
Hello:

If an investor has $1000.00 to invest in multiple accounts, and he wants a total return of 4%, is there one calculation that can be used to determine what these amounts could be even though there may be numerous amounts used as answers for most of the following examples?

For example,
Invest $1000.00 @ 2% and 5% for total return of 4%.
Invest $1000.00 @ 2%, 3% and 5% for total return of 4%.
Invest $1000.00 @ 2%, 3%, and 5% for total return of 4%.
Invest $1000.00 @ 2%, 3%, 4% and 5% for total return of 4%.
etc.

Answered by Robert Dawson.
A car loan 2009-05-06
From Cindy:
A person takes out a car loan in the amount of $11,170.00 @ 4.5% interest. The person makes 17 payments of $500.00, then for the 18th payment (this person 'finds' some $) and pays off the whole thing. How much was their last (18th) payment? How much overall did they pay in principle? and interest?

The person who made the initial loan then takes $11,156.25 and places it into a High Interest Savings Account @ 2.25% annually on Nov 18, 2003. How much is now in the High Interest Savings Account if no futher funds have been added to the account and no withdrawls have been made?

Thanks for your help with this. I have been trying on and off for 3 years to figure this out.

C

Answered by Robert Dawson.
Interest rate over two periods 2009-04-12
From Kenneth:
Hello:

How is the average determined for the following amount if it earns compound interest?

Here are my calculations, but I'm not certain that they are correct: Initial amount invested $500.00:

$500.00 @ 5% = $525.00.

$525.00 @ -2% = $514.50.

$14.50/$500.00 = 2.9% divided by 2 equals an average of 1.45%.

If this average, 1.45%, is correct, how can I use 5% and -2% to determine the same average? Is it possible?

I thank you for your reply.

Answered by Penny Nom.
Saving for his daughter's education 2009-01-15
From George:
To save for his daughter’s university education at the end of each month Mr McLean sets aside £50 in a savings scheme paying 10% p.a. compounded monthly. He begins saving when his daughter is 3 years old. How much will he have saved by the time his daughter is 18?
Answered by Harley Weston.
Compound interest 2009-01-02
From maninder:
at what rate % compound interest per annum will be rs. 640 amount to rs. 774.40 in 2 years.
Answered by Penny Nom.
Interest compounded monthly 2008-12-13
From ameeta:
joanna invest 500 dollars. She received 6 percent interest compounded monthly. how much interest did she earn with this investment after 3 years. the answer i calculated out to be was 90 dollars but could you please show me the steps.
Answered by Robert Dawson and Penny Nom.
I borrowed 2000.00 at a rate of 7% for 1 year 2008-10-20
From carolita:
if i borrowed 2000.00 at a rate of 7% for 1 year what would be the interest
Answered by Penny Nom.
A 5% raise each year for 20 years 2008-09-13
From marie:
In his first year, a math teacher earned 32,000. Each successive year, he earned a 5% raise. How much did he earn in his 20th year? What were his total earnings over the 20-year period
Answered by Stephen La Rocque.
What is the account value after 3 years? 2008-07-10
From Carlos:
Question Suppose that you deposited $3,000 at the beginning of each year for three years in a savings account earning 4%. What is the account value after 3 years (approx)?
a. 9,120
b. 9,211
c. 9,739
d. 9,989

Answered by Penny Nom.
Interest compounded daily for 6 months 2008-06-18
From Cheryl:
Compounded interest daily on cd.....$1,000.00 at 2.53% for 6 months. How much will this CD earn?
Answered by Penny Nom.
Interest compounded daily 2008-05-23
From Jeanmarie:
WHAT IS THE INTEREST IN $ ON 107,495.10 AT AN INTEREST OF 5.13% FOR COMPOUNDED DAILY FOR 16 DAYS?
Answered by Penny Nom.
$16000 at 7% per annum for six months 2008-05-21
From Delbert:
If my principal balance if $16000.00 and I paid 7% interest per annum but only kept the loan for 6 months How much interest would I owe after 6 months.
Answered by Harley Weston.
What was the annual interest rate? 2008-03-18
From Javier:
A business invests $10,000 in a savings account for two years. At the beginning of the second year, and additional $3,500 is invested. At the end of the second year, the account balance is $15,569.75. What was the annual interest rate?
Answered by Penny Nom.
8% simple interest for 6 years 2008-02-20
From Tiffany:
cindy puts 5,025 in a bank account that earns a simple interest rate of 8%. How much money will be in the account at the end of 6 years?
Answered by Stephen La Rocque and Penny Nom.
How much did she invest? 2008-01-02
From victor:
Sue invested $10,000,part at 4.8% annual interest and the balance at 7% annual interest. How much is invested at each rate if a 1-year interest payment is $645.66.
Answered by Penny Nom.
How much did she repay? 2007-12-08
From Margie:
Jackie borrowed $30,000 from her bank at 9.75 Interest for 5 years and six months. When the loan was paid in full, how much money had Jackie paid the bank?
Answered by Stephen La Rocque.
Simple interest 2007-11-08
From Lee:
If a bank pays 3% simple interest anually on savings, and you did not take any money out of your account, how much money would you have deposited to earn $45 in interest
Answered by Stephen La Rocque.
Compound interest 2007-07-11
From Michelle:
Present Value of $1500 to be paid in Year 7, with an interest rate of 12%
Answered by Stephen La Rocque.
$450.00 six years at 7 percent 2007-05-28
From Donna:
The future value of 450.00 six years from now at 7 percent
Answered by Penny Nom.
Interest Rates 2007-05-09
From Julia:
Using the formula I=PRT to figure out the missing variable.
P=$9530, T=7 months, A= $9919.14

Answered by Stephen La Rocque.
Paying off a debt 2007-04-26
From Ema:
How would you enter a formula in Excel for the following:

payment is applied to principal balance, then 8% interest compounded daily, then .25% monthly penalty

Answered by Stephen La Rocque and Penny Nom.
Calculating interest 2007-04-15
From Gerry:
Calculate the amount of interest received on £120.00 desposited in an account paying 3% simple interest for three years.
Answered by Stephen La Rocque.
How long would it take to have $100,000? 2007-04-07
From Carolyn:
If I invested $1000.00 (one time ) at 1% compounded daily, how long would it take to have $100,000. ?
Answered by Stephen La Rocque.
Which compounding period will make the interest rate be as low as possible? 2007-03-27
From lilly:
if i decide to loan a friend 12000 and he said that he will pay it back in a single payment of 16000 after 5 years. which compounding period will make the interest rate be as low as possible? daily or yearly? how can i calculate each (yearly compound and daily compound)?
Answered by Penny Nom.
Compound interest 2007-03-20
From cos:
how much would $2000 be at the end of 1 yr. at a daily compounded interest rate of 3% be? the 3% is not yearly but daily. thank you very much for your help!!
Answered by Penny Nom.
Compound daily interest 2007-01-27
From Sharon:
calculate the return on $20,000 for 3 years at an interest rate of 8% that compounds daily.
Answered by Stephen La Rocque.
The interest is compounded daily 2007-01-26
From Kimberey:
If I put $2000 in a savings account with 5.05% APR and the interest is compounded daily, but credited monthly, how much would I have at the end of a year?
Answered by Stephen La Rocque.
Interest compounded daily 2007-01-24
From Scott:
I would like to know what 4.88% interest compounded daily would amount to on $24,000.
Answered by Penny Nom.
Fractional interest in property (fractions of fractions) 2007-01-19
From Threasa:
Please explain how to solve this problem. Someone inherits 1/2 of 1/3 of 1/4 of 1/8 of 8/8 interest in 100 acres of land would equal what. Please show show in detail how to fiqure this answer. I will be working with a lot of fractional interest.
Answered by Stephen La Rocque.
Annualized 2007-01-03
From Dan:
What would my rate of compound interest be per month? Invested $80,000 and in 150 days have increased that amount by $14,300.
Answered by Stephen La Rocque.
Interest compounded daily 2007-01-01
From Kelly:
I have made an investment that offers one-half of 1% interest compounded daily. What would that interest calculate to with a $100,000.00 investment for one year ? I have not found a calculative formula that will calculate these figures ... Please HELP !!!
Answered by Penny Nom.
$1250 at 6% for three years 2006-11-30
From Nina:
Find the amount in an account if 1250 is invested at 6% compounded annually for 3 years
Answered by Stephen La Rocque and Penny Nom.
What is the interest on $50,000.00 at 5% for 40 days? 2006-07-12
From A borrower:
What is the interest on $50,000.00 at 5% for 40 days?
Answered by Penny Nom.
Compound interest 2006-06-01
From Kerem:

Question: Quing deposits $40 at the end of each month into a savings account. If the money earns 4% annum compounded monthly, how much money is in the account at the end of 24 months?

and

Calculate the present value of an annuity, if $150 payments are to be made monthly for 4 years and the interest rate is 9% per annum compounded monthly.


Answered by Natasha Glydon and Penny Nom.
How do I find the percentage interest? 2006-04-24
From Cheryl:
Kiera invested $43,608 in a mutual fund that paid $432.96 in interest at the end of the year. What was the percent interest Kiera earned from her initial investment?
Answered by Stephen La Rocque.
Compound Interest Formula and explanation 2006-04-14
From Michelle:
Currently there is $10,000 in a customer's savings account that earns 4% interest compounded annually. How much interest will the customer earn in a year?
Answered by Stephen La Rocque.
Interest computed on a 360 per year basis 2006-04-06
From Sonya:
Okay, I am reading this promissory note that says interest is computed on 365/360 basis by applying the ratio of annual interest rate (24%) over a year of 360 days. I sure do not remember anything like this in school, and am stumped.
Answered by Stephen La Rocque.
An account that earns 6% annually 2006-03-01
From Christine:
How much do you have to deposit to an account that earns 6% annually if you want to earn $1200 on the account?
Answered by Stephen La Rocque.
$24,000 investment at 5% daily interest 2005-12-21
From Gary:
My friend is a professional day trader on the stock exchange. He claims that he can take a $24,000 investment at 5% daily interest and at the end of 3 years have approximately 34 million dollars. Can this be correct?
Answered by Penny Nom.
Pat invested a total of $3000 dollars 2005-12-14
From Duane:
Pat invested a total of $3000 dollars. part of the money yields 10 percent interest per year and the rest yields 8 percent interest per year if the total yearly interest is $256 how much did pat invest at 10 per cent and how much at 8 percent.
Answered by Penny Nom.
A loan of $50,000 2005-12-14
From Fre:
A loan of $50,000 taken today is payable within five years.
a. determine the annual payments within to be made to repay the loan if interest is charged at a rate of 10% compounded annually
b. show the amortization schedule

Answered by Penny Nom.
Fran goes to college 2005-08-21
From Thomas:
Fran will begin attending longview college 1 year from now and will attend for the next 4 years. Her annual cost will be $14,000.00 which her parents have agreed to pay. Frans parents have saved enough money to meet Frans needs. How much must they invest in an account paying 10% interest compounded annually in order to receive $14,000.00 at the end of each of the next 4 years, having nothing left in the account at the end of that time?
Answered by Penny Nom.
Three days interest on one million dollars 2005-08-18
From Teresa:
how much money is 3 days interest on one million dollars?
Answered by Penny Nom.
Three debts 2005-02-03
From Kat:
If I have three debts and 49% percent of total debt is loaned at 9% intrest, 34% of the debt is at 21% intrest and 17% of the total debt is at 14% intrest, how do I calculate the average rate of intrest on total debt?
Answered by Penny Nom.
$25,000 at 11% per year 2004-10-13
From A student:
suppose u have $25,000 to invest and the interest rate at your bank is 11%. 1) how much money would you have at the end of EACH of the first four years? 1) i already kno that the first year w/ interest is $27,750 but how do i get the 2nd? 3rd? 4th? years?
Answered by Penny.
Payment plus interest 2004-09-14
From Penny:
Brian wants to borrow some money from Margaret.
After three years he is to pay X back plus one interest sum of 25%. If he is pays back a total of $3800, what was the original sum borrowed?

Answered by Penny Nom.
$20,000 at 25% compounded daily 2004-02-03
From A student:
Hi there, I'm tying to figure out how much interest I would pay on 20,000 if it was 25% compounded daily.
Answered by Penny Nom.
Interest compounded daily 2003-10-08
From Terie:
If I owe $2000.00 @ 6.25% compounded daily for 54 days. How much do I owe in interest?
Answered by Penny Nom.
Interest compounded daily 2003-06-24
From Jeff:
What would be the amount of interest charged or accrued and how is it calculated on principal balance of $209.12 @ 6% interest rate compounded daily for 70 days?
Answered by Penny Nom.
Interest compounded daily 2003-04-18
From Bruce:
I recently received $7,987.68. This amount consisted of $7,543.61 invested at 6% per annum, compounded daily. I am trying to find out how many days this investment accrued interest.
Answered by Penny Nom.
Future value 2002-06-27
From Susan:
If one were to invest $115 a month for 20 years and expect a 4% annual return, what is the value of this money in 20 years?
Answered by Leeanne Boehm.
Interest owing 2002-03-17
From Dean:
I am an investor. If I lend to someone on January 1, 1999, $1000 to be paid back interest at 2% per year (simple interest, ie not compounded), and on July 15, 1999, I lend the same person $1,500 more (total loan is now $2,500) but at 18%, and once again on October 15, 1999, I lend to the same person another $1,500, and the person pays me back the principle($4,000) and interest on January 1,2001: What is the total (principle plus interest) due me? The tougher question is: what was my blended rate of return on my total outlay of money? Is there a formula you can give me so that I can perform my own calculations?
Answered by Harley Weston.
Investing $5,000 2001-07-09
From A student:
A principal amount of $5,000 was invested in a savings account for 5 years.The interest earned was $500.Use the simple interest formula to find the annual rate of interest.
Answered by Penny Nom.
Monthly payments 2001-06-12
From Anthony:
This question is base on my interest. I would like to know the formula for calculating this example: If you borrow $10,000 from a bank with an APR of 11.7% to be paid off in 5 years, what is your monthly payment?
Answered by Penny Nom.
Compound interest 2001-04-11
From A student:
What principal will grow to $1367.10 after 1 year at 10% compounded semi-annually?
Answered by Claude Tardif and Penny Nom.
Cash advance 2001-03-28
From A student:
dulani has a new credit card. it says: you can get cash advances wherever you are. whenever you want. also if you pay off your balance in full each month for a small transaction fee, the cash is interest free. (see important information on reverse side. On reverese side it says:

cash advance transaction fee:

$500 or less 2.5%;
$500.01 to $1000.00-2%;
$1000.01 or more -1.5%;
$2.00 minumum.

Annual percentage rater for cash advances 19.8%.
dulani wants to know what a cash advance will really cost. Analyze the cash advance terms given here. how much would he pay for a $20 cash advance? What about a $450 cash advance? What annual interest rate are these charges equivalent to? choose other amounts. determine cost and annual ratees for these as well. make recommendations to dulani.

Answered by Penny Nom.
Isolating an exponent 2000-09-24
From C. Scott:
Suppose you invest $500.00 in an account that pays 10% interest compounded annually. How long will it take for this value to triple?

A=p(1 + i)a A=1500 i=0.1
1500=500(1.1)a p=500 a=unknown

How do you solve this problem algebraicly? How do you isolate the variable (a) when it is an exponent?


Answered by Harley Weston.
Interest compounded daily 2000-04-03
From Debbie Bracken:
How do I figure interest that is compounded daily? 8% compounded daily.
Answered by Penny nom.
Compounding continuously 2000-03-21
From Gina:
You deposit $1500 in an account that pays 6.5% annual interest, compounded continuously. Find the balance after 10 years.

I'm not sure what to do with the "compounded continuously" part.


Answered by Penny Nom.
Saving for college 2000-03-01
From Andrew Kunz:
SAVING FOR COLLEGE In this project, you will forecast a friend's finances. Jane has received $75 from her grandparents on every birthday since she was one year old. She has been saving the money in an account that pays 5% interest. She is saving her money to help you pay for her college education, which she will start this fall after her 18th birthday. She also has been receiving birthday checks from her other relatives, but these didn't start until she was 12 years old. The amounts of these checks from her 12th birthday until her 18th birthday are $45, $45, $55, $50, $55, $60, $65.

How much money will she have saved just from her birthdays by the time she starts college? IS this a reasonable amount to pay for a used car during her junior year in college? If she had invested her money in a different accoutn that had earned 7% interest, how much more money would she have saved?


Answered by Penny Nom.
Solving using logs 1999-10-11
From Rich Bolton:
Here's my question:

$541.39(1+i)15=784.09

Can you please show me how to do this?
Answered by Penny Nom.

Compound Interest 1999-07-01
From Kim Palmer:
In early 1997, my son borrowed $4831 at 7.5%. He has made 30 monthly payments of $130 each. He is now in a position to pay off the balance. What is his remaining principal?
Answered by Penny Nom.
 
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