Estimating College & Interest Practice

Jeremy will be attending the University of Texas - Austin in the fall. The tuition for the first year costs $22,000.

Jeremy saved $3,000 working over the summer. He applied for a $10,000 scholarship.

If Jeremy receives the scholarship, which amount is the closest to the minimum that Jeremy will need to save each month in order to pay off the remaining cost at the end of 12 months?

Jeremy will be attending the University of Texas - Austin in the fall. The tuition for the first year costs $22,000.

Jeremy saved $3,000 working over the summer. He applied for a $10,000 scholarship.

If Jeremy DOES NOT receive the scholarship, which amount is the closest to the minimum that Jeremy will need to save each month in order to pay off the remaining cost at the end of 12 months?

Which is the correct formula for calculating simple interest only?

Which is the correct formula for calculating the interest only of compound interest earnings?

Which is the correct formula for calculating the total amount of compound interest earnings?

Which is the correct formula for calculating the total amount of simple interest earnings?

A bank is offering 7% annual compound interest on a savings account. If you deposit $1,500, what will be the total amount of money in your savings account after three years?

Garrison deposited $500 in an account that earns 5% annual interest compounded annually. If he makes no withdrawals or deposits, how much interest will the account earn after 4 years?

David invests $10,000 in a savings account that pays 3.5% simple interest. If David

makes no withdrawals or deposits to the account, how much will be in the account after 7 years.

Rudy bought a computer at Best Buy for $560. He was offered a simple interest rate of 5% for one year.  How much would his monthly payments be?