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CABEROY Project Consumer Math

1) If $4,000 is invested at 6% for 3 years, the interest earned is $720. 2) Sarah earns $700 in interest from investing $10,000 at 3.5% for 2 years. 3) It will take John 2 years to earn $1,200 in interest from a $15,000 loan at 6% annually.

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Gab Caberoy
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22 views6 pages

CABEROY Project Consumer Math

1) If $4,000 is invested at 6% for 3 years, the interest earned is $720. 2) Sarah earns $700 in interest from investing $10,000 at 3.5% for 2 years. 3) It will take John 2 years to earn $1,200 in interest from a $15,000 loan at 6% annually.

Uploaded by

Gab Caberoy
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Princess Cassandra Gabrielle E.

Caberoy
I-B BEED
If the principal amount is $4000 and the interest
rate is 6%, how much interest will be earned in 3
years?

Find: Interest

Given:
Principal Amount = $4,000
Rate: 6%
Time: 3 years

Solution:
Interest = Principal Amount x Rate x Time / 100
Interest = $4,000 x 6 x 3 / 100
Interest = $720

Final Answer:

Interest earned over 3 years is $720.


Sarah invests $10,000 in a bond with an annual
interest rate of 3.5%. How much interest will she
earn after 2 years?

Find: Interest

Given:
Principal Amount = $10,000
Rate = 3.5%
Time = 2 years

Solution:
Interest = Principal × Rate × Time
Interest = $10,000 × 0.035 × 2 = $700

Final Answer:
Sarah will earn an interest of $700 after 2 years
John takes out a loan of $15,000 at an annual
interest rate of 6%. How long will it take for the
interest to reach $1,200?

Find: Time

Given:
Principal Amount = $15,000
Rate = 6%
Interest = $1,200

Solution:
Time = Interest / (Principal × Rate)
Time = $1,200 / ($15,000 × 0.06) = 2 years

Final Answer:
It will take John 2 years to reach $1,200 in
interest.
Emily deposits $5,000 into a savings account with a
4% annual interest rate. What will be the total
amount after 3 years?

Find: Total Amount

Given: Principal Amount = $5,000


Rate = 4%
Time = 3 years
Solution:
Total Amount = Principal + Interest

To obtain total amount, we must get the interest first….

Interest = Principal x Rate x Time / 100


Interest =5,000 x 4 x 3 / 100
Interest = 600

Total Amount = (Principal Amount) 5,000 + (Interest) 600


= $5,600
Final Answer:
The total amount will be $5,600 after 3
years.
Amanda invests $12,000 in a certificate of deposit
with a 2.8% annual interest rate. If she earns $336
in interest, how long was the money invested?

Find: Time

Given:
Principal Amount = $12,000
Rate = 2.8%
Interest = $336

Solution:
Time = Interest / Principal x Rate
Time = $336 / ($12,000 × 0.028) = 10 years

Final Answer:
If Amanda earned $336 in interest, the money was
invested 10 years ago.

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