MTH112HW1-Simple Imterest.docx

# MTH112HW1-Simple Imterest.docx - October University for...

• 2

This preview shows page 1 out of 2 pages.

October University for Modern Sciences & Arts (MSA) Faculty of Management Sciences MTH112/HW#1 Name ________________________ID ______________ Class ___________________ HW#1: Simple Interest Goal : To solve problems involving simple interest (Unless otherwise noted, round monetary answers to the nearest dollar, percents to two decimal places when written as a percentage, and time to the nearest tenth of a year.) 1. If Mr. Xu borrows \$3000 for 3 years from a bank that charges 2% annual simple interest, how much interest will he owe at the end of the three years? How much will Mr. Xu have to pay to the bank at the end of the three years? 2. Joe is borrowing \$800 from his parents in order to finish paying his tuition bill. His parents agree to the loan if Joe will repay the money at the end of nine months. His parents will charge him 5% annual simple interest. How much interest will Joe owe his parents? How much will Joe have to pay his parents at the end of the nine months? 3. Find the amount needed to pay off a simple interest loan of \$2000 at 10.5% for 3 years.
You've reached the end of this preview.
• Fall '17

{[ snackBarMessage ]}

### What students are saying

• As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

Kiran Temple University Fox School of Business ‘17, Course Hero Intern

• I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

Dana University of Pennsylvania ‘17, Course Hero Intern

• The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

Jill Tulane University ‘16, Course Hero Intern