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1. Mary owes June $800, and wants to pay her off. She decides to borrow the amount from her
bank at a discount rate of 12%. If she borrows the money for 10 months, find the amount of the
loan she should ask for so that her proceeds are $800?
2. Lydia's aunt Rose left her $4,000. Lydia spent $1,000 on her wardrobe and deposited the rest in
an account that pays 8.9% compounded daily. How much money will she have in 5 years?
3. At the end of each month Rita deposits $600 in an account that pays 4% compounded monthly.
What will the final amount be in 3 years?
4. The Gomez family bought a house for $250,000. They paid 15% down and amortized the rest at
11.2% over a 30-year period. Find their monthly payment.
5. Mr. Smith is planning to retire in 30 years and would like to have $350,000 then. What monthly
payment made at the end of each month to an account that pays 7.5% compounded monthly
will achieve his objective?
This question was answered on: Feb 21, 2020
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