the interest. 1. Principal: $750.00; annual interest rate: 5 percent. What is the interest after 6 months? 2. Principal: $1.265.00: annual inte

College Algebra
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ISBN:9781337282291
Author:Ron Larson
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Chapter1: Equations, Inequalities, And Mathematical Modeling
Section1.3: Modeling With Linear Equations
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Calculate the interest.
1. Principal: $750.00; annual interest rate: 5 percent. What is the interest after 6 months?
2. Principal: $1,265.00; annual interest rate: 5.75 percent. What is the interest after 1 month?
3. Principal: $2,245.98; annual interest rate: 5.545 percent. What is the interest after 3 months?
4. Josh Humphrey deposited $950.00 into his new savings account. No other deposits or
withdrawals were made. After 2 months, interest was computed. How much simple interest
did he earn if the bank pays an annual percentage rate of 4.75 percent?
Use the following information to answer questions 5-7.
Dyrell Lewis opened a savings account on January 1st at Savings and Loan with a $625.00 deposit.
Interest is calculated on a monthly basis at an annual rate of 5.625 percent.
5. What was the interest at the end of the first month?
6. If he deposits an additional $350.00 on February 1st, what is his interest for the second month?
7. How much total interest has Lewis's account earned through February?
8. Standardized Test Practice On June 1st, Gabriel Ramirez opened a savings account at First
Bank. His initial deposit was $600.00. The bank pays an annual interest rate of 4.65 percent
and calculates interest on the last day of every month. Assuming Ramirez makes no other
deposits or withdrawals, what is his balance on June 30th?
A. $27.90
B. $2.33 C. $627.90 D. $602.33
Transcribed Image Text:Practice Calculate the interest. 1. Principal: $750.00; annual interest rate: 5 percent. What is the interest after 6 months? 2. Principal: $1,265.00; annual interest rate: 5.75 percent. What is the interest after 1 month? 3. Principal: $2,245.98; annual interest rate: 5.545 percent. What is the interest after 3 months? 4. Josh Humphrey deposited $950.00 into his new savings account. No other deposits or withdrawals were made. After 2 months, interest was computed. How much simple interest did he earn if the bank pays an annual percentage rate of 4.75 percent? Use the following information to answer questions 5-7. Dyrell Lewis opened a savings account on January 1st at Savings and Loan with a $625.00 deposit. Interest is calculated on a monthly basis at an annual rate of 5.625 percent. 5. What was the interest at the end of the first month? 6. If he deposits an additional $350.00 on February 1st, what is his interest for the second month? 7. How much total interest has Lewis's account earned through February? 8. Standardized Test Practice On June 1st, Gabriel Ramirez opened a savings account at First Bank. His initial deposit was $600.00. The bank pays an annual interest rate of 4.65 percent and calculates interest on the last day of every month. Assuming Ramirez makes no other deposits or withdrawals, what is his balance on June 30th? A. $27.90 B. $2.33 C. $627.90 D. $602.33
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