HOMEWORK # 1 MATH 1021

1. Compute the amount of from March1, 2009 to

5. FV=P+I
interest for each of the October 20, 2009. or
following: 5*.
MV=P+I or
a) $980 at 11.5% for 244 5**. S=P+I
days 6.
($75.34) S=P+Prt=P(
(ND=233, MV=$805.92) 1+rt)

Formulas
Speedy Courier invested derived
$13500 in a 270-day term from the
b) $1090.60 at 7.8% from deposit. What is the Future
October 12, 2011 to April maturity value if the rate Value
formula:
24, 2012 of interest is 3.65%? 7. P=S-I,
8. I=S-P
(ND=195, I=$45.45) (MV=$13864.50)
Summary of
formulas

Interest =
2. On April 1, 2009, Principal Rate
Faircloud Variety Time or
1. I=Prt,
Company deposited where:
$24000 into a saving I interest
account earning simple is the
interest of 1.5%. Interest amount
earned,
is paid to the account at measured in
the end of every calendar dollars and
quarter. How much cents.
interest was paid to P - is the
principal
Fairclouds account on sum of
June 30, 2009? money
earning the
interest,
measured in
dollars and
(ND=90, I=$88.77) cents.
r - is simple
annual rate
of interest,
expressed
3. At what rate of interest as a
will $1387 earn $63.84 in percent,
200 days? which can
be
converted
into decimal.
t is the
(r= 8.4%) interest
period in
years.

4. Determine the number of Formulas

days it will take $564 to derived
from the
earn $15.09 at 73/4%? simple
interest
formula:
2. P=I/rt,
3. r=I/Pt,
4. t=I/Pr,

(ND=126) Future
Value
( Maturity
5. Find the maturity value of Value)=Prin
$775 invested at 6.25% cipal+
Interest or