Interest, deposits and loan math - practice problems
This topic covers mathematical calculations related to banking, investing, and borrowing money, focusing on simple and compound interest. Simple interest is calculated as I = Prt (principal × rate × time), while compound interest uses A = P(1 + r/n)^(nt) where n is compounding frequency. Students learn to calculate future values, present values, interest earned, effective annual rates, and loan payments including amortization. Applications include savings accounts, certificates of deposit, mortgages, car loans, and credit cards. Understanding the time value of money—that money now is worth more than the same amount later—is crucial. These practical skills help in personal financial planning, comparing investment options, and making informed borrowing decisions.Instructions: Take your time with each problem and write out how you solved it step by step.
Number of problems found: 124
- Simple interest pa
If a sum of money at a rate of simple interest, doubles in 8 years, then it will become 3 times in how many years? - A man 24
A man distributed 25300 EUR among his 3 sons A, B, C in such a way that the amounts of their parts at 10% simple interest in 2 years, 3 years, 4 years will be equal. A's share? - Doubling - simple interest
A sum becomes its double in 10 years. Find the annual rate of simple interest - Triple the sum At what rate a sum triples in 5 years at simple interest?
- Simple interest
At what time will the sum be doubled at 5% per annum at simple interest? - Compound continuously
Find the balance in the account after 10 years. P= $1900; r= 6% Compound continuously. - The value
The value of the property decreases every year at the rate of 5%. If its present value is 411540 USD, what was its value three years ago? - A sum 6
A sum at simple interest of 4% per annum amounts to 3120 USD in 5 years. Find the sum. - Stocks and bonds Mr. Cash invested $80000 in various stocks and bonds. He earned a 7% dividend on his stocks and 5% interest on his bonds, for a one year profit (both stocks and bonds) of $4,900. How much did Mr. cash invest in bonds?
- Daily compounded Zachary invested $130 in an account paying an interest rate of 3.6% compounded daily, Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 11 years?
- Compound vs simple interest Calculate the difference between compound interest and simple interest in USD 7500 in two years at 8% per annum.
- Per annum At a certain time, a sum becomes 4 times at the rate of 5% per annum. At what rate of simple interest the same sum becomes 8 times in the same duration
- Person A,B Person A takes 3000 USD from person B for 2 yrs at the rate of 10% half yearly interest. What amount will be paid by person A to B after the end 2 yr?
- Johnny 3
Johnny has $46,754 in a savings account that earns 14% annually. The interest is not compounded. To the nearest dollar, how much interest will he earn in 3 years? - Value of the note A 10-month promissory note issued on March 21, 2021, bearing interest of 7.2% p.a., has a maturity value of $4128.02. Find the face value of the note.
- A bank
A bank reported that x/12 more first-time buyers took a mortgage out last month. If a quarter more mortgages were taken out, what number (x) is missing? - Compound interest Joel borrowed $3208.5 on November 2, 2021, at 3.6% p.a. How many days would it take for him to repay the loan if he made a payment of $ 3,720.34? Round up to the nearest day.
- The sum 41 The sum of 640.00 was deposited in the first bank for five years, and the interest given was 160.00. Find the rate.
- Years 3 How long will it take for a given sum of money to triple itself at 20% annual compound interest?
- Joy deposited Joy deposited the sum of 50,000 in her bank account. After 5 months, she made another deposit of 125,000 and 6 months a lap before the withdrawal of 12,000 nairas. If the interest rate is 5% per annual, calculate how much she should have in her account.
Do you have unsolved math question and you need help? Ask a question, and we will try to solve it. We solve math question.
