Question

1. You borrow money for a new car from the bank. After month 1, the loan balance is $14,760. After

month 2, it is $14,520. If this pattern continues. what will the balance be after 21 years?

2. Jose deposited $2000.00 on an investment that will give $171.50 for every half year that his money
stays in the account. How much money will he have in his account by the end of year 18?

3. A tube well is bored 800 meters deep. The 1 st meter costs $250 and the cost per meter increases by
$50 for every subsequent meter. Find the cost of boring the 750 th meter and the total cost incurred for
the entire job.

Answer 1

#1 The balance after 21 months is $9960.

#2 $1,360

#3 The total cost of boring the 750 meters is $37,700.