📘 finance

1. **State the problem:** We want to find the number of monthly deposits of 85 needed to reach a balance of 18700 in an account earning 3.1% per annum compounded quarterly. 2. **Id

1. **Problem statement:** We want to find how long it will take to save 16500 by making monthly deposits of 90 into an account with 7.1% annual interest compounded quarterly. 2. **

1. **State the problem:** Compare the final amounts of investing 1250 at 8% compounded monthly for 11 years and at 14% compounded monthly for 11 years. 2. **Formula used:** The com

1. **State the problem:** Tommy takes out a loan of £2600 with a simple interest rate of 2.5% per annum and repays it after 10 years. We need to find the total amount he has to pay

1. The problem asks to find the amount paid every fortnight if the annual salary is 205130. 2. There are 52 weeks in a year, so the number of fortnights (2-week periods) in a year

1. The problem is to find the amount of a mortgage, which typically means calculating the loan amount or the monthly payment based on given parameters. 2. The common formula for th

1. **State the problem:** A beauty shop is sold for 120000. An 18% down payment is made. We need to find the down payment amount.

1. Let's clarify the problem: If someone earns interest as a margin of the yearly interest, it means the interest earned is a percentage of the total yearly interest amount. 2. The

1. **Problem statement:** Calculate the future value of an investment with monthly contributions and annual compounding interest. 2. **Formula:** The future value $FV$ with regular

1. **State the problem:** We want to find the nominal interest rate compounded quarterly that grows $22,000 to $37,984.34 in 20 years. 2. **Formula used:** The compound interest fo

1. **State the problem:** Mr. and Mrs. Roberts want to invest an amount $P$ now at an interest rate of 8.5% per year compounded continuously, so that in 14 years the investment gro

1. **State the problem:** We want to find the initial investment amount $P$ that will grow to $2500$ in 5 years with a continuous compounding interest rate of 6% per year. 2. **For

1. **State the problem:** We want to find the initial amount $P$ to invest now at an interest rate of 6% per year, compounded continuously, so that the investment grows to $2500 in

1. **State the problem:** We want to find the initial investment amount $P$ that will grow to $2500$ in $5$ years with a continuous compounding interest rate of $6\%$ per year. 2.

1. **State the problem:** Leo takes out a loan of 2200 with simple interest at a rate of 2.5% per annum and repays it after 10 years. We need to find the total amount he has to pay

1. **State the problem:** We have £1400 deposited in an account with a simple interest rate of 7% per year.

1. **Problem statement:** Calculate the interest Alexandra will have earned from her account after 6 years. 2. **Formula used:** For simple interest, the formula is $$I = P \times

1. The problem is to calculate the simple interest earned on a principal amount of 4000 at an interest rate of 3.5% over 6 years. 2. The formula for simple interest is:

1. **Stating the problem:** Alexandra invests 4000 into a savings account with compound interest of 3.5% per year. We want to find: a) The amount of money in the account after 6 ye

1. **State the problem:** Holly deposits £550 into a savings account with simple interest at 2% per month. After 6 months, she buys a bike costing £590. We need to find how much mo

1. **State the problem:** Evie takes out a loan of 600 pounds with compound interest at 24% per year. We need to find how much she will owe after 12 years. 2. **Formula for compoun