6A Finance (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. $12171.92
8. 274.5%
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. 7.62% annual rate
16. 13.9433% annual rate
17. 6 years, 11 months
18. 2 years, 3 months
19. 1 year, 6 months
20. 8 years, 44 weeks, 5 days