Overview
Complete the following questions dealing with calculating simple interest and reconciliation of check book with bank statement. SHOW ALL CALCULATIONS!!!!
1. A family deposits $5,000 into a pre-need trust account with an annual interest rate of 4%. The trust will be held for 10 years. How much interest will the trust earn? What will the total value of the trust be?
2. The funeral home borrows $18,500 to purchase embalming equipment. The loan has a 5% annual interest rate and must be repaid in 4 years. What is the total interest paid? What is the total repayment amount?
3. A funeral home takes out a $25,000 loan for expansion. The loan has an annual interest rate of 7%, and the term is 2 years. Calculate the interest and the total repayment amount.
4. A funeral home takes a short-term loan of $8,000 for 6 months (0.5 years) at an annual interest rate of 9%. How much interest will be paid? What is the total repayment amount?
5.A funeral home uses a specific embalming fluid mixture. The embalming solution requires a ratio of 1 part embalming fluid to 8 parts water. You are preparing a total of 9 gallons of solution for a preparation:
- How many gallons of embalming fluid are needed?
- How many gallons of water are needed?
6.A funeral home is preparing an embalming solution for a preparation. The mixture requires a ratio of 1 part embalming fluid to 6 parts water. You need to prepare a total of 21 gallons of embalming solution:
- How many gallons of embalming fluid are needed?
- How many gallons of water are needed?