6A Finance (Answers to Exercises)

Chapter 6: Simple and Compound Interest (answers to exercises)

6.2 Simple and Compound Interest

  1. 5 months
  2. 6.25%
  3. $34,285.71
  4. The second interest rate is 1.25% higher.
  5. $15,017.33; There is enough money with $17.33 left over
  6. $5,254.44
  7. A=$10,374.33; I = $1,374.33
  8. $12,171.92
  9. $606,976.63
  10. $33,023.56
  11. $27,736.24
  12. 6,427.59
  13. 18% monthly rate
  14. 8.35% quarterly rate
  15. 82.8% annual rate
  16. 167.3196% annual rate
  17. 6 years, 11 months
  18. 2 years, 3 months
  19. 1 year, 6 months
  20. 8 years, 44 weeks, 5 days

 

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