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

Tutors Answer Your Questions about Money Word Problems (FREE)

Question 869615: Find how many years it takes $1800 to double at 3.2% interest compounded weekly.
Show all steps.

Click here to see answer by ewatrrr(24785)

Question 869616: Find how many years it takes $1800 to double at 3.2% interest compounded weekly.
Show all steps.

Click here to see answer by stanbon(75887)

Question 869661: Use the compound interest formula A=P(1+r)t to find the annual interest rate, r, if in 2 years an investment of $3,000 grows to $3,360. What is the rate?
Click here to see answer by josgarithmetic(39617)

Question 869687: The balance of a saving account compounded continuously will increase by 70% in 12 years. Find the annual interest rate of the account
Click here to see answer by lwsshak3(11628)

Question 869033: find out how long it take $2500 investment to double if it is invested at 9% compounded quarterly. Round to the nearest tenth of a year. use the formula
A=P(1+r/n)^nt
Click here to see answer by tommyt3rd(5050)

Question 869808: jose invests $1500 in a savings account that earns 5.6% compounded annually. Marta invests $1500 in a different savings account that earns 5.7% compounded annually. What wouldthis be after 10 and 30 years
Click here to see answer by ewatrrr(24785)

Question 869039: If you financing 5000 and the total over 30 months is 9000 what is the interest rate?
Click here to see answer by Fombitz(32388)

Question 868987: How much will an investment of $100 become at 8% interest, compounded monthly over 5 years?
Click here to see answer by Fombitz(32388)

Question 869878: if you have 18 dollars and buy 32 cans of food and two cans cost tomatoes .80 and corn .40
Click here to see answer by Fombitz(32388)

Question 869880: If you work for $15 per hour for 40 hours per week, how many years would it take to earn $1000000000, assuming you work 50 out of 52 weeks per year?
Click here to see answer by ewatrrr(24785)

Question 869871: Pablo deposited $57 into a savings account for which interest is compounded quarterly. According to the rule of 72, what interest rate will cause his money to double in approximately 44 years?
Click here to see answer by LinnW(1048)

Question 869936: a sales clerk recv's. a mo. salary of $950 plus a commission of 8% on all sales over $4300. How much will she earn if she sold $7700

Click here to see answer by stanbon(75887)

Question 869888: A total of $18,000 is invested in two corporate bonds that pay 3.5% and 5% simple interest. The investor wants an annual interest income of $750 from the investments. What amount should be invested in the 3.5% bond?
Click here to see answer by mananth(16946)

Question 870027: Two years ago, the tuition fee charged by a tuition centre was $400 per month. In the last two years, the fee increased by 25% per year. Find the present tuition fee
Click here to see answer by dkppathak(439)

Question 870216: Tom uses the linear model of y = 35,000 + 0.45x to anticipate his salary from completing x amount of dollars' worth of jobs.
I GOT FOR ANSWER
What is Tom's base salary? 35,000
What percent commission does he earn? 45%
Would you be able to use the same equation for Tom the next year? No, the salary and commission could change and this can change the equation

Click here to see answer by jim_thompson5910(35256)

Question 870269: missy Elliott invests some bonds at 8.5% simple interest and $2000 more than twice the amount in a retirement account at 10% simple interest if her total amount annual income is $1625 how much did she invest in bonds 8.5%
Click here to see answer by mananth(16946)

Question 870380: how much money will there be in an account at the end of 7 years of 11000 is deposited at a 6.5% annual rate that is compounded continuously
Click here to see answer by Alan3354(69443)

Question 870456: Miko smith, a salesperson at a discount furniture store, receives a monthly salary of $800, plus 4% commission on her sales.?
her total salary plus commission for last month was $4050. what was the amount of miko's sales for last month?
A.$962
B.$3,250
C.$81,250
D.$102,050
Click here to see answer by ewatrrr(24785)

Question 870439: Over the weekend, Peter earned $48 in tips. If he earned $12 more on Saturday than Sunday, how much did he earn on Sunday?
Click here to see answer by ewatrrr(24785)

Question 870523: jim starts with $25 and saves $5 a week. at the same time , john starts with $15 and saves $10 a week. in how many weeks will they have the same amount of money.
Click here to see answer by richwmiller(17219)

Question 870530: The millers want to buy a mobile home that cost 36000.
They have already saved 27000. What percen of the total cost
have they saved.
Click here to see answer by jim_thompson5910(35256)

Question 870571: John sold a house and made 6% commission which was $8800. how much was the cost of the house?
Click here to see answer by josmiceli(19441)

Question 870572: Jenny is given $5000 at age 5. Her parents place it in a bank account earning 7% interest compounded quarterly. Write an equation to model the amount of money in the account. Find how much money Jenny will have at age 18
Let x = number of interest periods y = 5000 * 1.07x
Let y = balance y = 5000 * 1.0713
Let a = initial deposit y = 5000 * 2.4098
Let b = interest rate y = 12049.23
y = a * bx Jenny has $12,049.23 at age 18.
y = 5000 * 1.07x
What was my Error?
I would like to know with these too.
3. The average number of minutes used on a cell phone each month in the year 2007 was 106 minutes. Since then, the number of minutes used each month has decreased by 2% each year. Write an equation to model the number of minutes used each month. Find the average number of minutes used on a cell phone in the year 2013.
Given Answer:
Let x = number of years since 2007 y = 106 * 1.02x
Let y = number of minutes used each month y = 106 * 1.026
Let a = number of minutes used each month in 2007 y = 106 * 1.12616
Let b = the decay factor y = 119.4
y = a * bx In 2013 the average number of
y = 106 * 1.02x minutes used each month was 119.
4. Todd deposited $7000 in a bank account earning 3% interest compounded yearly in 2008. Write an equation to model the amount of money in the account. Find how much money Todd will have in the account in 2015.
Given Answer:
Let x = number of interest periods y = 7000 * 1.03x
Let y = balance y = 7000 * 1.0315
Let a = initial deposit y = 7000 * 1.55796
Let b = interest rate y = 10905.77
y = a * bx Todd has $10,905.77 in 2015.
y = 7000 * 1.03x

Click here to see answer by MathTherapy(10552)

Question 870608: Rueben deposits into an account that pays simple interest at a rate of per year. How much interest will he be paid in the first years?
Click here to see answer by JulietG(1812)

Question 870581: If I invested $1000.00. What would that money grow to in 18 months at a 5.5% interest rate
Click here to see answer by JulietG(1812)

Question 870552: Find the principal needed to get $1100 in 8 years at 12% compounded monthly.

Click here to see answer by mananth(16946)

Question 870697: Ivanna deposits $5000 into an account that pays simple interest at a rate of 3% per year. How much interest will she be paid in the first 3 years?
Click here to see answer by stanbon(75887)

Question 870700: A bank offers APR of 6.5%.
By what decimal number do you multiply a deposit to find the total amount in an account after one year at this rate?
Thanks!!!!
Click here to see answer by stanbon(75887)

Question 870791: A principal of $4800 is invested at 3.5% interest, compounded annually. How much will the investment be worth after 6 years?
Use the calculator provided and round your answer to the nearest dollar.
Click here to see answer by ewatrrr(24785)

Question 870804: Hi there so I am having a problem with an exponential equation where we typically use the formula A=P(1+R/n)^nt. I understand the equation and how to find A, and I also know how to find t with different information. What I am confused about is how do you calculate a formula when there is an annual percentage fee for an account?
Click here to see answer by ewatrrr(24785)

Question 871047: A person plans to invest three times as much in an account at 7% interest as in an account at 9% annual interest. how much should the person invest in each account to earn a total of $300 in one year.
The person should invest $---- at 7% annual interest and $----- at 9% annual interest.
Click here to see answer by mananth(16946)

Question 871103: Please help me solve these two questions.
1. You deposit 3500 in an account that earns 2.5 annual interest. Find the balance after 2 years if the interest is compounded quarterly. Use the formula: A=P (1+r/n)^nt
2. You buy a new car for $35,700. The value of the car decreases by 29% each year. Find the value of the car after 5 years. Use the formula: A=P (1+r/n)^nt

Click here to see answer by rothauserc(4718)

Question 871298: A savings certificate of $1700 pays 4.5% annual interest compounded yearly. What is the balance when the certificate matures in 5 years
Click here to see answer by ewatrrr(24785)

Question 871312: I am trying to figure out this word problem:
Joyce invests $7500 in two savings accounts. One account earns interest at 4% per year; the other earns 2.5% per year. The total interest earned from both accounts after one year is $132.50. How much was originally deposited in each account?
This is what I have so far, but it does not correspond to the answer that the book gives:
.04x + .025(7500-x) = 132.50
.04x + 187.5 - .025x = 132.50
187.5 + .015x = 132.50
-187.5. -187.5
.015x = -55
X = -3666.67
Click here to see answer by ewatrrr(24785)

Question 871282: How much would Kendra have in her account after three years if she started with $500 and earned 2 percent interest compounding annually?
Click here to see answer by ewatrrr(24785)

Question 871285: if $4000 is deposited into an account paying 3% interest compounded annually and at the same time $2000 is deposited into an account paying 5% interest compounded annually, after how long will the two accounts have the same balance?
4000(1.03)^t=2000(1.05)^t
this is how I set up the equation, is this correct? I am not sure what I am doing wrong, I think I may be applying the wrong principle to solve this, how would you go about it?
Click here to see answer by Alan3354(69443)

Question 871377: How long will it take for $1,600 to double if it is invested at 11% annual interest compounded 4 times a year? Enter in exact calculations or round to 3 decimal places.

Click here to see answer by mananth(16946)

Question 871612: Please help me solve this word problem. A total of $39,000 is invested in two bonds that pay 5.75% and 6.25% interest. The investor wants to receive $2400 interest each year. How much should be invested in each account?
Click here to see answer by stanbon(75887)

Question 872070: Adam buys a corporate bond for 510,000.00 that pays 9% interest with a maturity date of ten years.
Adam also has to pay 28% of his income to taxes.
. How much interest will Adam make from his bond in one year? (not counting taxes)
- I've got 108 as my answer ,but im pretty sure im not doing it correct? can u help?
Click here to see answer by richwmiller(17219)

Question 872166: If you put $ 6,000 in a savings account that pays interest at the rate of 4 percent, compounded annually, how much will you have in five years? ( Hint: Use the future value formula.) How much interest will you earn during the five years? If you put $ 6,000 each year into a savings account that pays interest at the rate of 4 percent a year, how much would you have after five years?
Click here to see answer by stanbon(75887)

Question 872356: how much money would you have if you started with 3500.00 dollars at 2 % interst
Click here to see answer by Alan3354(69443)

Question 872420: Karen has a total of $4000, part in a savings account and the rest in a certificate of deposit (CD). Her savings account earns 6.5% interest annually. The CD pays 8% if the money is invested for 1 year. How much does she have in each investment if her interest earnings for the year will be $297.50?
I need a system of equations to describe this, a related matrix equation, a solution, and how much Karen has in each investment. Thanks! <3
Click here to see answer by ewatrrr(24785)

Question 872531: my yearly salary is 30,000 and it is increased by 3000 a year. Your yearly salary is 20 000 and it will be increased by 5000 a year. In how many years will we both have the same yearly salary? Use algebra.

Click here to see answer by ewatrrr(24785)

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