SHARE:

compound

«
»
Variable Question text Label
c001Suppose you were buying a car and took out a loan for $10,000. You agree to pay off the loan in a year by paying $1,000 each month for 12 months.

What percent rate of interest do these payments imply?
percent rate of interest
c002aYou currently have a balance of $10,000 in a savings account. The interest rate is 4%. Interest is compounded annually and reinvested into the account. No other money is added to the account.

How much money will you have in the account after 10 years?
how much money after 10 years
c002bAnd after 20 years?how much money after 20 years
c002cAnd after 40 years?how much money after 40 years