Tutors Answer Your Questions about Money Word Problems (FREE)
Question 1133124: Karl invested his savings in a short-term fund that was offering a simple interest rate of 4% p.a. The maturity value of the investment at the end of 330 days was $27,514.91
Calculate the principal amount invested
calculate the interest earned
Click here to see answer by Alex.33(110)  |
Question 1133119: Hannah has taken out a personal loan for $9000, which she will pay off with 60 monthly payments starting 1 month from now. The interest rate is 12.8% compounded monthly. Determine the total amount Hannah will pay over the 60 months?
Click here to see answer by ikleyn(52776)  |
Question 1133164: help I am stuck on this question
A financial institution offers personal loans with interest rates that vary from 8.25% to 12.5% compounded monthly, depending on a person's credit rating. Two people, one with the best credit rating and the other with the worst, take out loans of $12000 to be repaid in 30 monthly payments. How much interest does the person with the poor credit rating pay?
Click here to see answer by Boreal(15235)  |
Question 1133485: Your weight on the Moon is relative to your weight on Earth. Neil Armstrong weighed 360 lbs. in his moon gear while on the Earth, but on the Moon he only weighed 60 lbs. How much would a 150 lb person weigh on the moon?
Click here to see answer by Alan3354(69443)  |
Question 1133531: Jennifer is the owner of a video game and entertainment software retail store. She is currently planning to retire in 30 years and wishes to withdraw $10,000/month for 20 years from her retirement account starting at that time. How much must she contribute each month for 30 years earning interest at a rate of 5% compounded monthly to meet her goal?
Click here to see answer by Boreal(15235)  |
Question 1133542: Joseph invests $1000 at a rate of 7% compounded monthly for 10 years. Sarah invests $1000 at the same rate for the same time, but her investment is compounded continuously. What is the difference in total money made by each? Identify who made more and by how much.
Click here to see answer by Boreal(15235)  |
Question 1133529: Martin has deposited $375 in his IRA at the end of each quarter for the past 20 years. His investment has earned interest at the rate of 8% per year compounded quarterly. Now, at age 60, he is considering retirement. What quarterly payment will he receive over the next 15 years?
Click here to see answer by Boreal(15235)  |
Question 1133530: Joe secured a loan of $12,000 3 years ago for use towards his college expenses. The bank charged interest at the rate of 4% compounded monthly on his loan. Now, he wishes to repay the loan through monthly payments over 10 years at the same interest rate. Find the size of the monthly payment he must make.
Click here to see answer by addingup(3677)  |
Question 1133530: Joe secured a loan of $12,000 3 years ago for use towards his college expenses. The bank charged interest at the rate of 4% compounded monthly on his loan. Now, he wishes to repay the loan through monthly payments over 10 years at the same interest rate. Find the size of the monthly payment he must make.
Click here to see answer by MathTherapy(10551)  |
Question 1133683: Sharon is a manufacturer's representative selling office furniture directly to businesses.
She receives a monthly salary of $2000 plus a 2.2% commission on sales exceeding her
quota of $150,000 per month.
a. What are her earnings for a month in which she has $227,000 in sales?
Click here to see answer by josmiceli(19441)  |
Question 1133695: Suppose $50,000 is divided into two bank accounts. One account pays 4% simple interest per year and the other pays 6.4%. After five years there is a total of $12,000 in interest between the two accounts. How much was invested into the bank account that pays 4% simple interest (rounded to the nearest cent)?
Click here to see answer by addingup(3677)  |
Question 1133695: Suppose $50,000 is divided into two bank accounts. One account pays 4% simple interest per year and the other pays 6.4%. After five years there is a total of $12,000 in interest between the two accounts. How much was invested into the bank account that pays 4% simple interest (rounded to the nearest cent)?
Click here to see answer by josmiceli(19441)  |
Question 1133673: Two angles are complementary if the sum of their measures is 90°. Find two complementary angles such that one of the angles is 142° less than 3 times the other angle. (Round to two decimal places if necessary.)
_____ the smaller complementary angle?
---- the larger complementary angle?
Click here to see answer by ankor@dixie-net.com(22740)  |
Question 1133715: A furniture shop refinishes tables. Employees use two methods to refinish tables. Method I takes 1.5 hours and the material costs $6. Method II takes 2.0 hours, and the material costs $5. Next week, they plan to spend 256 hours in labor and $784 in material for refinishing tables. How many tables should they plan to refinish with each method? (Round to two decimal places if necessary.)
-------The number of tables refinished using Method I
-------- The number of tables refinished using Method II
Click here to see answer by josgarithmetic(39616) |
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