Reference no: EM132149275
1.) Brandon has partial amnesia and forgot how much he borrowed. He does remember that he borrowed the money 21 months ago and that the interest rate was 5% per annum. The last letter from the bank simply stated he owed $52.5 in interest.
(a) What is the interest rate per month(as a decimal)?
=________
(b) What is the amount of principal that Brandon had borrowed?
=________
(c) If Brandon only wanted to pay back $704.5 in total. How long does he have to come up with the money in months?
=__________
2.) Mirabella wants to save some money to donate to the Zoo to bring in her favorite animal a panda. If the zoo needs $3,850.56 to bring in the pandas and Mirabella has $3,150 saved up already.
How many WEEKS will she need to save in order to save enough money, if the interest rate is 2.78% per annum?
=__________
This time seems like a really long time to wait for Mirabella. So after 25 MONTHS she decides to fundraise some money to bring the pandas to the zoo. She manages to raise $75. How much interest has her intial money earned so far?
=__________
How much money does she have after the fundraiser in total?
=__________
The fundraiser also means that Mirabella will be able to see the pandas earlier. How long after the fundraiser is she able to see the pandas in YEARS?
=__________