Chelsea put $7500 into an account paying 5% compounded continuously. She now has $10,643.01. How long has the money been in the account? Round to the nearest whole year.

You want to save $5,000 in 3 years for a family vacation. If the bank has a saving account that earns 4.3% compounded monthly, then how much will you need to invest to reach your vacation goal?

Moe and Ray need to take a loan out for $2,500 to repair their van. They can borrow from Bank A at a simple interest rate of 5.25% for 2 years or from Bank B at a simple interest rate of 6.5% for 1.5 years. Which bank is the better deal and how much money will they save?

Spongebob and Squidward want to retire when they are 65. They are currently 20 years old. They deposit $3,000 each year into a Roth IRA that earns 4.5% compounded annually. What will the balance be when they retire?

Hilda estimates she will need $200,000 in 15 years to upgrade the air conditioning systems and duct work at all the company's locations. She decided to establish a sinking fund by making monthly payments into an account paying 7.5% compounded monthly. How much should each payment be?

How do we know we are looking at an Annuity question versus just a compound interest question?

You are buying a new car and need a loan of $28,716. You plan on taking out a 4-year loan at an APR of 5.12% compounded monthly. What is your monthly payment?

First .

Ted has been approved for a 20-year fixed-rate loan at 7.5% compounded month. The home that he is purchasing costs $160,000. He put 15% down.

Calculate his down payment.

Then Calculate how much the remaining loan is for?

Second.

Ted has been approved for a 20-year fixed-rate loan at 7.5% compounded month. The home that he is purchasing costs $160,000. He put 15% down.

Calculate his monthly mortgage payments on the remaining amount after his down payment.

Check all the financial products that you would PAY interest for:

Southern Bank offered a 1-year CD that paid 4.85% compounded quarterly and Savvy Bank offered one that paid 4.75 compounded continuously. Find the APY expressed as a percent to 3 decimal places to determine which has the higher return.

Check all correct APY. Check the APY for both accounts.

A person deposits $2,000 each year for 27 years into a retirement savings account. Upon retirement after making the 27th deposit, the retirement account is worth $175,000. How much was earned in interest ?