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ASU MAT 142 - Simple Interest

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Slide 1FormulasSlide 3Slide 4FormulasSlide 6Simple InterestCompound InterestandConsumer LoansFormulas A P(1 rt ) I PrtSimple Interest Future Value FormulaInterest EarnedJenna buys a bedroom set at Fowler’s Furniture for $3,700. She puts $500 down and finances the rest through the store at 9.8% add-on interest. If she agrees to make 36 monthly payments, find the size of each payment.The activity on Sophie Jones’s Sears account for one billing period is shown below. Find the average daily balance and the finance charge if the billing period is March 1 through March 31. The previous balance was $157.14, and the annual interest rate is 21%. March 5 payment $25.00March 17 tools $36.12Formulas A P 1rmmtCompound Interest Future Value FormulaWhen Mike Jones was born, his grandparents deposited $5,000 into a special account for Mike’s college education. The account earned 7¼ % interest compounded daily. How much will be in the account when Mike is


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ASU MAT 142 - Simple Interest

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