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Variable Question text Label
Q1Suppose 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?
Q1_AnswerInterest Rate Implied:
Q2You 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.
Q2_Answer10How much money will you have in the account after 10 years?
Q2_Answer20How much money will you have in the account after 20 years?
Q2_Answer40How much money will you have in the account after 40 years?