Texts: On September 12, Jody Jansen went to Sunshine Bank to borrow $2,300 at 9% interest. Jody plans to repay this loan on January 27. Assume the loan is on ordinary interest. What interest will Jody owe on January 27?
Gordon Rosel went to his bank to find out how long it will take for $1,200 to amount to $1,650 at 8% simple interest. Please solve Gordon’s problem.
Calculate the effective rate of interest (to the nearest hundredth percent) of the following Treasury bill. Given: $10,000 Treasury bill, 4% for 13 weeks.
You were offered either a simple interest note or a simple discount note with the following terms: $33,353 at 7% for 18 months. Based on the effective interest rate, which would you choose?
Molly Hamilton deposited $50,000 at Bank of America at 8% interest compounded quarterly. What is the effective rate (APY) to the nearest hundredth percent?
How much could you save for retirement if you chose to invest the money you spend on Starbucks coffee in one year? Assume you buy one venti cup of caffe latte for $4.15 each weekday for 50 weeks and can invest the total amount in a mutual fund earning 5% compounded annually for 30 years.