I need solution and answer

1. scott invested $1600 into a retirement account that earns 2.4% interest compounded monthly. what will be the balance of the account after 30 years?

2. kaylee used her graduation money to set up a savings account that earns 3.4% interest compounded weekly. if the original amount deposited was $500 how much interest will she have earned after 10 years?

3. mr and mrs rainer took out a $240,000 loan to purchase their home. if the interest rate on the loan is 1.2% compounded bimonthly, how much interest will they have paid after 30 years?

Question

Mathematics

Scout

10 April, 08:45

I need solution and answer

1. scott invested $1600 into a retirement account that earns 2.4% interest compounded monthly. what will be the balance of the account after 30 years?

2. kaylee used her graduation money to set up a savings account that earns 3.4% interest compounded weekly. if the original amount deposited was $500 how much interest will she have earned after 10 years?

3. mr and mrs rainer took out a $240,000 loan to purchase their home. if the interest rate on the loan is 1.2% compounded bimonthly, how much interest will they have paid after 30 years?

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Answers (1)

Know the Answer?

Sebastian Harrington · Answer 1

Step-by-step explanation:

1. A = P (1 + r/n) ^ (nt)

A = 1600 (1 + 0.024/12) ^ (12*30)

A = 3284.73

2. A = P (1 + r/n) ^ (nt)

A = 500 (1 + 0.034/52) ^ (52*10)

A = 702.40

3. A = P (1 + r/n) ^ (nt)

A = 240,000 (1 + 0.012/6) ^ (6*30)

A = 343,875.41

A - P = 103,875.41