Worksheet No2

WORKSHEET NO.
2
Analyze and solve the given set of problems. Write the given and show your solution. Use
your code as multiplier. Due date will be on Monday October 20, 2023 12noon.
1. Robert deposits $ 3000 in State Bank of India for 3 year which earn him an interest
of 8%. What is the amount he gets after 1 year, 2 years and 3 years?
2. Richard deposits $ 5400 and got back an amount of $ 6000 after a year. Find the
simple interest he got.
3. Seth invested a certain amount of money and got back an amount of $ 8400. If
the bank paid an interest of $ 700, find the amount Sam invested.
4. Diego deposited $ 10000 for 4 year at a rate of 6% p.a. Find the interest and
amount Diego got.
5. Ariel takes a loan of $8,000 to buy a used truck at the rate of 9 % simple Interest.
Calculate the annual interest to be paid for the loan amount.
6. Steve invested $ 10,000 in a savings bank account that earned 2% simple
interest. Find the interest earned if the amount was kept in the bank for 4 years.
7. You get a student loan from the New Mexico Educational Assistance Foundation
to pay for your educational expenses this year. Find the interest on the loan if you
borrowed $2,000 at 8% for 1 year.
8. You are starting your own small business in Albuquerque. You borrow $10,000
from the bank at a 9% rate for 5 years. Find the interest you will pay on this loan.
9. You are tired at the end of the term and decide to borrow $500 to go on a trip to
Whatever Land. You go to the bank and borrow the money at 11% for 2 years. a)
Find the interest you will pay on the loan. b) How much will you have to pay the
bank at the end of the two years?
10. a) Find the interest on a loan of $2500 that is borrowed at 9% for 7 months. b)
How much would it cost to repay the loan from 4a) above?
11. A person deposits $5,000 in a bank account which pays 6% simple interest per
year. Find the value of his deposit after 4 years.
12. Glen received $2,250 loan from bank. After six months, he paid back $2,295 and
closed the loan. Find the rate of interest.
13. A man invests $16,500 in two kinds treasury notes, which yield 7.5% and 6%
annually. After two years year, he earns $2,442 in interest. How much does he
invest at the 6 % rate ?
14. A person invested $25,200 in two accounts, which pay 5 % and 10% interest
annually. The amount invested at 10% rate is 110% of the amount invested at 5%
rate. After three years year, he earns $2,442 in interest. How much did he invest
at the 5% rate ?
15. In simple interest, a sum of money doubles itself in 10 years. Find the number of
years it will take to triple itself.
16. In simple interest, a sum of money amounts to $ 6200 in 2 years and $ 7400 in 3
years. Find the principal.
17. Jessica invests $3,000 in a credit union at an interest rate of 3.9%. She leaves
the money there for 5 years. What is her balance after that time?
18. Mrs. Payne has $20,000 to invest. She wants to earn $10,000 in interest. She is
considering a savings and loans bank that is offering her 5.6% interest per year.
For how long will she have to leave her money in the bank in order to reach her
goal of $10,000?
19. A nurse put $22,000 in the bank 15 years ago. She has earned $21,450 in
interest—nearly as much as her initial investment. What was the interest rate that
the bank was paying her?
20. An investor places $15,000 in a savings account that pays 4.5% interest. She will
leave the money there for 6 years. What will her interest be?
21. A bank is offering an interest rate of 4.75%. How long would it take to earn $500
if you invested $12,000 in the bank?
22. If you charge $7,000 on a credit card and you bank charges you 15.9%, how
much would you owe after a year?
23. Wanda borrowed $3,000 from a bank at an interest rate of 12% per year for a 2-
year period. How much interest does she have to pay the bank at the end of 2
years?
24. Sarah deposits $4,000 at a bank at an interest rate of 4.5% per year. How much
interest will she earn at the end of 3 years?
25. Raymond bought a car for $40, 000. He took a $20,000 loan from a bank at an
interest rate of 15% per year for a 3-year period. What is the total amount (interest
and loan) that he would have to pay the bank at the end of 3 years?

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WORKSHEET NO.

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