banking and finance word problems - worksheet\nname: \ndate: \n\ninstructions:\nread each problem carefully…

banking and finance word problems - worksheet\nname: \ndate: \n\ninstructions:\nread each problem carefully. show all your work and write your final answer clearly.\n\n1. simple interest\njessica deposits $1,200 into a savings account that pays a simple interest rate of 3% per year.\nquestion: how much interest will she earn after 4 years?\n\n2. monthly budgeting\njordan earns $800 per month from a part - time job. he wants to divide his earnings\n. 40% to savings\n. 35% to daily expenses\n. 25% to entertainment\nquestion: how much will jordan allocate to each category?\n\n3. compound interest\naiden invests $2,000 into an account that earns 5% interest compounded annually.\nquestion: how much will the investment be worth after 3 years?\n\n4. interest rate\nsamantha shops for the best interest rates on a savings account. interest rates that she has found are: 5 1/10%, 5.22%, 5 and a quarter%, 5.28% and 5 2/5%\nquestion: what is the best rate she found?

banking and finance word problems - worksheet\nname: \ndate: \n\ninstructions:\nread each problem carefully. show all your work and write your final answer clearly.\n\n1. simple interest\njessica deposits $1,200 into a savings account that pays a simple interest rate of 3% per year.\nquestion: how much interest will she earn after 4 years?\n\n2. monthly budgeting\njordan earns $800 per month from a part - time job. he wants to divide his earnings\n. 40% to savings\n. 35% to daily expenses\n. 25% to entertainment\nquestion: how much will jordan allocate to each category?\n\n3. compound interest\naiden invests $2,000 into an account that earns 5% interest compounded annually.\nquestion: how much will the investment be worth after 3 years?\n\n4. interest rate\nsamantha shops for the best interest rates on a savings account. interest rates that she has found are: 5 1/10%, 5.22%, 5 and a quarter%, 5.28% and 5 2/5%\nquestion: what is the best rate she found?

Answer

1. Simple Interest

Explanation:

Step1: Identificar la fórmula

La fórmula de interés simple es $I = Prt$, donde $P$ es el principal, $r$ es la tasa de interés anual y $t$ es el tiempo en años.

Step2: Sustituir valores

$P = 1200$, $r=0.03$ (3% expresado como decimal) y $t = 4$. Entonces $I=1200\times0.03\times4$.

Step3: Calcular

$I = 144$.

Answer:

$144$

2. Monthly Budgeting

Explanation:

Step1: Calcular ahorros

El 40% de 800 para ahorros. $0.4\times800 = 320$.

Step2: Calcular gastos diarios

El 35% de 800 para gastos diarios. $0.35\times800=280$.

Step3: Calcular entretenimiento

El 25% de 800 para entretenimiento. $0.25\times800 = 200$.

Answer:

Ahorros: $320$ Gastos diarios: $280$ Entretenimiento: $200$

3. Compound Interest

Explanation:

Step1: Identificar la fórmula

La fórmula de interés compuesto es $A=P(1 + r)^t$, donde $A$ es el monto final, $P$ es el principal, $r$ es la tasa de interés anual y $t$ es el tiempo en años.

Step2: Sustituir valores

$P = 2000$, $r = 0.05$ (5% expresado como decimal) y $t=3$. Entonces $A = 2000\times(1 + 0.05)^3$.

Step3: Calcular

$(1 + 0.05)^3=1.05^3 = 1.157625$. Luego $A=2000\times1.157625=2315.25$.

Answer:

$2315.25$

4. Interest Rate

Explanation:

Step1: Convertir fracciones a decimales

$5\frac{1}{10}%=5.1% = 0.051$, $5\frac{1}{4}%=5.25%=0.0525$, $5\frac{2}{5}%=5.4% = 0.054$.

Step2: Comparar valores

Tenemos $0.051$, $0.0522$, $0.0525$, $0.0528$, $0.054$. El mayor valor es $0.054$ que corresponde a $5\frac{2}{5}%$.

Answer:

$5\frac{2}{5}%$