3 Finance Problem Solving Questions

imlaurax

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[FONT=&quot]1. A retiree invests $3,000 in a savings plan that pays 3% per year. What will the account balance be at the end of the first year?

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[FONT=&quot]2. A friend lends you $240, which you agree to repay with 4% interest.[/FONT]

[FONT=&quot]How much will you have to repay?[/FONT]

[FONT=&quot]How much of that was interest?[/FONT]

3. [FONT=&quot]Alewuya invests $14,000 at 2% simple interest for 7 year. How much is in the account at the end of the 7 years period?
thank you!
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1. A retiree invests $3,000 in a savings plan that pays 3% per year. What will the account balance be at the end of the first year?
To learn how to find a given percent of a given amount, try here. Once you have found the specified percentage amount, add it to the original amount to get the ending amount.

2. A friend lends you $240, which you agree to repay with 4% interest. How much will you have to repay? How much of that was interest?
Find the amount of interest first, using the method they explain at the link. Then add it to the original amount to find the pay-back amount.

3. Alewuya invests $14,000 at 2% simple interest for 7 year. How much is in the account at the end of the 7 years period?
Use the "simple interest" formula (here), plugging in the given values to find the amount of interest. Then add to the original amount to find the account total.

If you get stuck, please reply showing how far you have gotten on each (or at least one) of these exercises. Thank you! ;)
 
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