Overview
Complete the (attached) three consumer math problems and show all work.
For an investment of 100.000 at 2% interest for 9 years, find (a) the simple interest, and (b) the compound interest if interest is calculated once per year.
As part of her retirement planning, Mrs. Allen purchases an annuity that pays 14% compounded annually. If the yearly payment is $7000, how much will Mrs. Allen have saved in 7.5 years?
A house sells for $53,500 and a 50% down payment is made. A 30-year mortgage at 7.5% was obtained.
1.Find the down payment
Down payment = Selling price x
Down payment = 53,500 x
Down payment = 26,750.00
2.Find the amount of the mortgage
3.Find the monthly payment
4.Find the total interest paid