University of West Florida Mathematics Interest Rates Questions

Annuity Pay in                                      P= d((1+rk)Nk?1)rk

Simple Interest                                     I =  Prt

Annuity Pay out/Loan                         P0 =d(1?(1+rk)?Nk)rk

Linear Growth                                       Pn = P0 + nd

Exponential Growth                             Pn = P0(1 + r)n

Flag question: Question 1Question 15 pts

You want to have $100,000 in your account when you retire in 30 years. Your retirement account earns 3% interest. How much do you need to deposit each month to meet your retirement goal? Round to the next highest dollar.

Flag question: Question 2Question 25 pts

You want to have $180,000 in your account when you retire in 30 years. Your retirement account earns 6% interest. How much do you need to deposit each month to meet your retirement goal? Round to the next highest dollar.

Flag question: Question 3Question 35 pts

Find the simple interest when the principal is $1,500, the interest rate is 6.0%, and the time is 5 years.

Flag question: Question 4Question 45 pts

Jose wants to take out a $250,000 mortgage. The interest rate on the loan is 3% and the loan is for 15 years. How much will his monthly payments be?

Flag question: Question 5Question 55 pts

Joanne wants to take out a $350,000 mortgage. The interest rate on the loan is 6% and the loan is for 30 years. How much will her monthly payments be?

Flag question: Question 6Question 65 pts

You have $500,000 saved for retirement. Your account earns 6% interest. How much will you be able to pull out each month, if you want to be able to take withdrawals for 20 years? (Round to the nearest dollar.)

Flag question: Question 7Question 75 pts

The population of bears in a national forest was measured to be 12,000 in 2003 and was measured again to be 15,000 in 2007. If the population continues to grow linearly at this rate, what will the bear population be in 2014? Round to the nearest whole number.

Flag question: Question 8Question 85 pts

A native wolf species has been reintroduced into Yellowstone National Park and grows according to the law of exponential growth. Originally 200 wolves were transplanted. After 3 years, the population had grown to 270 wolves.

What is the growth rate? (Round to two decimal places.)

Flag question: Question 9Question 95 pts

A native wolf species has been reintroduced into Yellowstone National Park and grows according to the law of exponential growth. Originally 200 wolves were transplanted. After 3 years, the population had grown to 270 wolves. Assume the growth rate is 10.52%.

If this trend continues, how many wolves will there be in 10 years?

Flag question: Question 10Question 105 pts

A native wolf species has been reintroduced into Yellowstone National Park and grows according to the law of exponential growth. Originally 200 wolves were transplanted. After 3 years, the population had grown to 270 wolves.

If this trend continues, how long will it take the population to grow to 1000 wolves? (Round to the next highest year.)