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Determine the amount of interest the joan accumulated

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Reference no: EM131541922

Can you please help me answering the questions? It is about Math of Finance.

Question 1: On January I, 2016, a person received a $2750 loan at 7% simple interest. Determine the amount of interest the Joan accumulated when the loan was settled on February 1, 2017.

Question 2: For their retirement a couple invested $500,000 into an account that earns 8% annually. Interest is calculated monthly? To live on they only withdraw the interest earned by account each month. How much will they receive each month?

Question 3: On April l, 2016, a debtor received a loan $6500 at 6% simple interest. Determine the amount needed to settle the loan on October 1, 2017.

Question 4: A person deposited $1200 in an account that earns 1.5% per month. Determine the amount in the account after three years.

Question 5: A person wants to receive $250,000 for retirement in 40 years. How much should be deposited now if money can earn 8%.

Question 6: An amount of $1500 is borrowed for six months and $1608.75 is needed to settle the debt. What is the simple interest rate?

Question 7: An individual invested $50,000 in a CD (certificate of deposit) which paid 4.8% simple interest.When settled, the value of the investment was $57,200. What was the term of the CD?

Reference no: EM131541922

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