Victoria earned $150.36 in interest on an account that earns 1.4% simple interest. If Victoria opened the account 12 years ago, what was the principal amount? a $868 b $902 c $880 d $850 e $895
Michael is planning to invest his $2,000 money into an account between Investment A with 8% simple interest or Investment B with 6% compound interest. He also plans to invest his money for 12 years. Which investment should he choose to get the biggest return (money)?
a
Investment A: because you will get $ 104.39 more than investment B
b
Investment A: because you will get $3,920 more than investment B
c
Investment B: because you will get $ 104.39 more than investment A
d
Investment B: because you will get $4024.39 more than investment A
Matthew borrows $6,000 to buy a car. The loan has 6% interest, compounded annually. If he pays off the loan in 6 years, how much will he have paid back? Round your answer to the nearest cent.
a
$8511.11
b
$8160
c
$25,920
d
$38,266.29