Simple and Compound Interest

Mr. Albertson plans to place his money in a certificate of deposit that matures in three months. The principal is $10,000 and 5% interest is earned annually. He wants to calculate how much interest he will earn in those three months.

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Sara wants to borrow money from her mother, and she is offered a five-year, non-compounding loan of $7,000, with a 3% annual interest rate. What is Sara’s total interest expense?

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Sarah deposits $4,000 at a bank at an interest rate of 4.5% per year. How much interest will she earn at the end of 3 years?

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Raymond bought a car for $40, 000. He took a $20,000 loan from a bank at an interest rate of 15% per year for a 3-year period. What is the total amount (interest and loan) that he would have to pay the bank at the end of 3 years?

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Kim got a loan of $4700 to buy a used car. The interest rate is 7.5%. She paid $1057.50 in interest. How many years did it take her to pay off her loan?

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An investment earns 3% compounded monthly. Find the value of an initial investment of $5,000 after 6 years.

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Find the compound amount and compound interest on the principal Rs.20,000 borrowed at 6% compounded annually for 3 years.

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A principal of $2000 is placed in a savings account at 3% per annum compounded annually. How much is in the account after one year, two years and three years?

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If $3000 is placed in an account at 5% and is compounded quarterly for 5 years. How much is in the account at the end of 5 years?

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$1,200 is placed in an account at 4% compounded daily for 2 years. It is then withdrawn and placed in another bank at the rate of 5% compounded daily for 4 years. What is the balance in the second account after the 4 years.

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