SOLUTION: 1.Natasha borrowed $550 from her uncle for her textbooks this semester and promised to pay him 5% interest on the loan as a way to say thank-you for the help. In addition to payin

Question 1065840: 1.Natasha borrowed $550 from her uncle for her textbooks this semester and promised to pay him 5% interest on the loan as a way to say thank-you for the help. In addition to paying back the full loan, how much interest would she end up paying him if it took her a year and a half to pay back the loan?
2.Victor just turned 16, got his first driver�s license, and is now excited about buying his own car. His parents want help him buy his first car, but also to encourage him to save money so they have offered weekly compound interest of 7.5% on the money he has saved. Victor figures he can put aside $225 each week from what he earns at his part time job. How much money will he have saved up by the time he turns 18, has his full license, and is hoping to by the car?
3.By the time Stephan graduated school he had an OSAP loan of $21,000. The interest charged on the loan is about 4.5% which is compounded monthly. The 6 month grace period is now over, interest is now being charged and Stephan has decided he had better focus on getting the loan paid off as quickly as possible. He set for himself the goal of paying off the loan in four years. What would Stephan�s monthly loan payments have to be in order to achieve his goal?
4.Hak Young is tired at the end of the semester and decides he really needs a break so he pays for a one week all-inclusive trip to Disney Land with his credit card. In total the trip cost $2000 and his credit card charges 22% interest compounded monthly. He doesn�t expect that he will have the money to pay off his credit card until he graduates and is working full time which will be at least another 18 months. How much will Hak Young owe the credit card company for his trip by the time he can start to pay it off?
5.Hak young has gone on to accumulate other credit card debt on top of what he owes from his Disney Land vacation and his total debit is now $18,764.82. He is getting worried about his debt and is determined to pay it off completely. With all conditions of the account being the same as above, what would Hak Young�s minimum monthly payment have to be in order to pay off his debt in 8 years?
6.Today Dante and Sharon had their first child and they want to begin savings for their child�s education. With all the expenses of having a new child they feel they can only afford to put away $50 a month but they plan to continue doing so until the child turns 18. They are budgeting for an interest rate of 3.1%, compounded monthly. How much money will they have in the account by their child�s 18th birthday?

Found 2 solutions by Lightning_Fast, ikleyn:
Answer by Lightning_Fast(78) (Show Source): You can put this solution on YOUR website!
Answering specific problems is different than doing a whole worksheet for you. Learn the lesson and if you have a specific problem you have difficulty with, post it here. The daly quota is five questions, regardless if there is an answer.
Answer by ikleyn(52787) (Show Source): You can put this solution on YOUR website!
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One and only one problem per post.

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