Word Problems

% Interest

24. Sara and Behzad are saving to make a down payment on a house. With an initial deposit of $8,000, they have opened an account that compounds interest at an annual rate of 2.1%. Assuming that Sara and Behzad make no additional deposits or withdrawals, which of the following expressions gives the dollar value of the account 4 years after the initial deposit? (Note: For an account with an initial deposit of P dollars that compounds interest at an annual rate of r%, the value of the account t years after the initial deposit is P(1 + 00) dollars.)

2014 June(72C) Math Question 24

2012 June(70C) Math Question 24

33. A formula to estimate the monthly payment, p dollars, on a short-term loan is ... where a dollars is the amount of the loan, r is the annual interest rate expressed as a decimal, and y years is the length of the loan. When a is multiplied by 2, what is the effect on p ?

2014 June(72C) Math Question 33

2019 June(72F) Math Question 40

2013 December(71E) Math Question 52

57. The simple interest for 1 year for an investment was $372. If the interest rate had been 1% higher for this investment, the simple interest for 1 year would have been $434. How much money was invested?

% InterestWord ProblemsACT math questions

2014 June(72C) Math Question 24

2012 June(70C) Math Question 24