Questions on Word Problems: Money, Business and Interest answered by real tutors!

Tutors Answer Your Questions about Money Word Problems (FREE)

Question 1110946: Every month, $45 is withdrawn from Tom's savings account to pay for his gym membership. He has enough savings to withdraw no more than $270. For how many months can Tom pay for his gym membership?
Click here to see answer by ikleyn(52750)

Question 1110962:
An actor invested some money at 9% simple interest, and $34000 more than twice the amount at 10 %. The total annual interest earned from the investment was $18770. How much did he invest at each amount?
Click here to see answer by ikleyn(52750)

Question 1110937: Bobby borrowed $500 at 12 percent simple annual interest. He paid back $680 to pay off the loan. How many years did it take Bobby to pay back the loan?
Click here to see answer by josmiceli(19441)

Question 1110889: Bella Sandino paid 9% interest on an $11,500 loan balance. Joseph Marks paid $5,610 interest on a $85,000 loan. Based on 1 year:
a. What was the amount of interest paid by Bella?
b. What was the interest rate paid by Joseph? (Round your answer to the nearest tenth percent.)

Click here to see answer by josmiceli(19441)

Question 1111009: One person owes $200 and pays back $5 per week. Another person has no money and borrows $15 per week. When will both people have the same amount of money (or debt)?
Click here to see answer by josmiceli(19441)

Question 1111061: Rachel has 10 years to double her $100. What interest rate does Rachel need?
Click here to see answer by Fombitz(32388)

Question 1111060: Ross has 6 � years to double his $13000. What interest rate does Ross need?
Click here to see answer by josmiceli(19441)

Question 1111067: Javier wants to invest $6000 in a savings account. Determine the interest rate (simple interest) required for Javier 's investment to double in value in 14 years. Round your answer to the nearest tenth of a percent.

Click here to see answer by Boreal(15235)

Question 1111062: Chandler has 2.5 years to double his $100. What interest rate does Chandler need?
Carl has 24 years to double his money. What interest rate does Carl need?
Maggie has 8.75 years to double her $100. What interest rate does Maggie need?
Click here to see answer by ikleyn(52750)

Question 1111059: Josh wants to double his $20,000 in 6 years. What interest rate does Josh need?
Click here to see answer by Boreal(15235)

Question 1111083: Marcia has $18000 to invest in two different investments. She invest $10000 at 4% yearly interest in one investment .At what rate must she invest the remainder so that she earns a yearly interest of more than $700
Click here to see answer by josmiceli(19441)

Question 1111084: Katya scored 62,74,65 and 87 on her first four maths exams respectively. What score must she obtain on the next exam to have an overall average of 70 or above
Click here to see answer by josmiceli(19441)

Question 1111088: The seating in a local theatre is arranged so that there are 40 seat in the first row,42 in the second row and so on. If there are 25 rows and the standard ticket price is $150 per seat, calculate the total revenue if the theatre is sold out?
Click here to see answer by ikleyn(52750)

Question 1111110: Kim is planning to buy a new house worth $790000. She is required to pay a 30% deposit, and then borrow the rest at a flat interest rate. If Kim calculated that the monthly repayment over 20 years is $4192, find the interest rate, to 2 decimal places.
Click here to see answer by Theo(13342)

Question 1015785: an investigator invested a total of $1200 in two mutual funds. One fund earned a 6% profit while the other earned a 4% profit if the investors total profit was $54 how much was invested in each mutual fund.
Click here to see answer by amalm06(224)

Question 1111267: Molly Ellen, bookkeeper for Keystone Company, forgot to send in the payroll taxes due on April 15. She sent the payment
November 8. The IRS sent her a penalty char ge of 8% simple interest on the unpaid taxes of $4,100. Calculate the
penalty. (Remember that the government uses exact interest.)
Click here to see answer by amalm06(224)

Question 1111282: Question 2 A theater group made appearances in two cities. The hotel charge before tax in the second city was $500 lower than in the first. The tax in the first city was 9% , and the tax in the second city was 3% . The total hotel tax paid for the two cities was $465 . How much was the hotel charge in each city before tax?
Click here to see answer by mananth(16946)

Question 1111406: Mr. Jones has $10,000 to invest. He invests part at 6% and the rest at 8%. If he earns $680 in interest after 1 year, how much did he invest at each rate?
Click here to see answer by ikleyn(52750)

Question 1111405: Mr Jones has $10,000 to invest. He invests part at 6% and the rest at 8%. If he earns $680 in interest after 1 year how much did he invest at each rate?
Click here to see answer by ikleyn(52750)

Question 1111422: Can someone please explain this question to me in depth
How much, to the nearest rand, can Lerato borrow from a bank if she can repay the loan by means of
quarterly payments of R2 000, starting at the end of the first quarter? The interest rate is 18% per annum,
compounded quarterly and the duration of the loan is 10 years.
[1] R214 061
[2] R15 825
[3] R36 803
[4] R17 504
l do not understand this part, starting at the end of the first quarter?

Click here to see answer by KMST(5328)

Question 1111418: can someone show me where l am going wrong.
Braun invested R8 350 in an account that pays simple interest. After six years, he received an accumulated
amount of R12 859. The simple interest rate on the investment, rounded to two decimal digits, was ...
R = I/PxT
r = ?
I = 12 859
P = 8 350
T = 6 years
:6x12 = 72 months
:12859/8350x72
:8350x72 = 601200
:12859/601200
:0.021388..

the answers provided being below. non of them matches my answer
[1] 9,00%
[2] 7,45%
[3] 6,00%
[4] 0,09%

Click here to see answer by greenestamps(13195)

Question 1111419: please kindly assist me with corrections for my calculations.
Determine the amount that has to be invested now, to be worth R10 000 in 8 months� time, if the annual
simple interest rate is 9,75%.
formula P = I/RT
P = ?
I = 10 000
R = 9.75
T = 8/12
: 10 000/9.75 x 8/12
: 1538.46 which is suppose to be the initial
to confirm my answer l will say : 1538.46 x 9.75 x 8/12 = 999.99
options given
[1] R9 389,67
[2] R9 398,61
[3] R1 333,33
[4] R6 060,61
Click here to see answer by Alan3354(69443)

Question 1111429: After five years of earning interest at an annual rate of 4%, an investment has earned $1,200 in interest. Determine the amount of the initial investment. Show all work for full credit.

Click here to see answer by Alan3354(69443)

Question 1111420: Helen needs R20 000 in three years� time. What is the least amount that she should deposit now into an
account that offers an annual interest rate of 15%, compounded every 3 months, to have the required amount
by then? The answer, to the nearest rand, is ...
[1] R13 793
[2] R12 858
[3] R19 910
[4] R12 892
Open for correction please
S = 20 000
I = 15% / 15
N = 3 X 12
P = ?
= 20 000 / (1 + 0.15/12)*36
= 12 788.21

Click here to see answer by Alan3354(69443)

Question 1111455: A rectangular glass tank with a length of 20cm, height of 30cm, width of 25cm is half filled with water. By how much, in terms of centimetres, will the water level rise if a solid cylindrical piece of iron,
with a diameter of 6 cm and a length of 10 cm, is dropped into the water? The answer, rounded to two
decimal digits, is ...
[1] 0,57 cm
[2] 0,28 cm
[3] 2,26 cm
[4] 0,38 cm
l got 0.38

Click here to see answer by ikleyn(52750)

Question 1111453: John wants to start saving for an apartment. On his 20th birthday, he starts depositing R500 per week into
a bank account with an annual interest rate of 8%, compounded weekly. He will continue to make these
weekly payments until the day of his 29th birthday. How much money will he have saved by then to finance
the purchase of an apartment?
[1] R397 856,29
[2] R166 717,97
[3] R78 714,77
[4] R342 321,48
Click here to see answer by addingup(3677)

Question 1111448: Suppose a circular fish pond has to be sealed on the inside. The diameter of the pond is 3 metres and the
depth is 1 1/2 metres. One litre of sealer covers 3 square metres. How many two-litre tins of sealer have to be
purchased to complete the sealing job?
1] 8
[2] 7
[3] 3
[4] 4
please correct my answer
Pie 3.14
Diameter = 3
Depth = 1 1/2
3.14 x 1.5*2 x 1 1/2
= 3, 5325
= 4
Click here to see answer by Boreal(15235)

Question 1111447: Sam plans to buy a car for R125 000. He pays a 15% deposit and manages to secure a bank loan for the
outstanding amount. The bank charges 12,5% per annum, compounded monthly. Determine what Sam�s
minimum monthly payment will be if the loan has to be repaid in six years� time.
[1] R998,17
[2] R2 104,94
[3] R2 476,40
[4] R1 476,69
please pin point the method l can use to get to the right answer. thank you in advance

Click here to see answer by Boreal(15235)

Question 1111503: How long will it take an investment of $2000 to double if the investment earns interest at the rate of 5%/year compounded monthly?
Click here to see answer by mananth(16946)

Question 1111527: You can afford a $350 per month car payment. You've found a 5 year loan at 4% interest. How big of a loan can you afford?
Click here to see answer by josmiceli(19441)

Question 1111534: My teacher didn't give me any formulas for these things.. please help me!! T~T

1. You can afford a $800 per month mortgage payment. You've found a 30 year loan at 6% interest.
a) How big of a loan can you afford?
b) How much total money will you pay the loan company?
c) How much of that money is interest?
2. How much would you need to deposit in an account now in order to have $2000 in the account in 15 years? Assume the account earns 3% interest compounded monthly.
3. You deposit $400 in an account earning 8% interest compounded annually. How much will you have in the account in 20 years?
4. You deposit $6000 in an account earning 3% interest compounded continuously. How much will you have in the account in 10 years?
5. You have $2,500 on a credit card that charges a 23% interest rate. If you want to pay off the credit card in 4 years, how much will you need to pay each month (assuming you don't charge anything new to the card)?
6. You deposit $500 in an account earning 5% coumpound interest for 4 years. Find the future value and the interest earned for each of the following compounding frequencies.

Future Value Interest Earned
Frequency
Annually:
Semiannually:
Quarterly:
Monthly:
Daily:
7. Gabriel and Paige have a new grandson. How much money should they invest now so that he will have $52,000 for his college education in 18 years? The money is invested at 2.8% compounded quarterly.
8. You owe $15,000 on student loans at an interest rate of 4.65% compounded monthly. You want to pay off the loan in 13 years.
a. What will your monthly payments be?
b. How much interest do you pay?
9. You decide to quit using your credit card and want to pay off the balance of $5,800 in 3 years. Your interest rate is 19.85% compounded monthly.
a. What will your monthly payments be?
b. How much interest do you pay?
10. You want to buy a $171,000 home. You plan to pay 15% as a down payment, and take out a 30 year loan at 5.35% interest for the rest.
a) How much is the loan amount going to be?
b) What will your monthly payments be?
c) How much of the first payment is interest?

11. You want to buy a $242,000 home. You plan to pay 10% as a down payment, and take out a 30 year loan at 5.45% interest for the rest.
a) How much is the loan amount going to be?
b) What will your monthly payments be?
c) How much total interest do you pay?
d) Suppose you want to pay off the loan in 15 years rather than 30. What will your monthly payment be?
e) How much money in interest will you save if you finance for 15 years instead of 30 years?
12. You want to buy a $140,000 home. You plan to pay 20% as a down payment, and take out a 30 year loan at 6.85% interest for the rest.
a) What is the amount of the down payment?
b) What will the amount of the mortgage?
c) The bank charges 1.5 points on the loan. What is the amount charged for points?

Click here to see answer by KMST(5328)

Question 1111559: Question 16
Sam plans to buy a car for R125 000. He pays a 15% deposit and manages to secure a bank loan for the
outstanding amount. The bank charges 12,5% per annum, compounded monthly. Determine what Sam�s
minimum monthly payment will be if the loan has to be repaid in six years� time.
[1] R998,17
[2] R2 104,94
[3] R2 476,40
[4] R1 476,69
can someone explain the concept of amortization so l can answer the question below ?
Question 17
Consider the amortisation of Sam�s loan in question 16 above.
What will the outstanding amount on Sam�s loan be after 3 years� minimum payments have been made?
Assume the interest rate stayed fixed for the whole period.
[1] R103 224,20
[2] R53 125,00
[3] R62 921,07
[4] R74 024,78
Click here to see answer by Theo(13342)

Question 1111561: You borrow $1200 to buy a piano. The simple interest rate is 12%. You pay off the loan after 4 years. How much do you pay for the loan?

Click here to see answer by josmiceli(19441)

Question 1111599: Mark put 3/4 of his earnings into his savings account.He spent the remaining money on treats for his dog.If he spent $36 on the treats,how much did Mark deposit?
Click here to see answer by mananth(16946)

Question 1111604: At a corner gas station, the revenue R varies directly with the number g of gallons of gasoline sold. If the revenue is $18.90 when the number of gallons sold is 6, find a linear equation that relates revenue R to the number g of gallons of gasoline. Then find the revenue R when the number of gallons of gasoline sold is 15.5.
Click here to see answer by josmiceli(19441)

Question 1111622: share 1800.00 among 30 friends how much will each have?
Click here to see answer by ikleyn(52750)

Question 1111648: A certain amount of money is invested at 6% per year. A second amount is Php5000 larger than the first is invested at 8% per year. The interest from the investment at the higher rate exceeds the income from the lower investment by Php500. Find the investment at each rate.
Click here to see answer by Theo(13342)

Question 1111653: (Simultaneous equations problems)
If Jeff hires 8 bricklayers and 2 roofers, his daily payroll is $1260. If he hires 10 bricklayers and 5 roofers, his daily payroll is $1950. What is the daily wage of each bricklayer and each roofer?
Click here to see answer by mananth(16946)

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