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(Solution document) To finance the $15,000 cost of their kitchen remodeling, the Chews will make equal payments at the end of each month for 36 months. They will pay...


1. To finance the $15,000 cost of their kitchen remodeling, the Chews will make equal payments at the end of each month for 36 months. They will pay interest at the rate of 6% compounded monthly. Find the amount of each payment and how much total interest does the Chews pay at the end of 3 years?

2. Donald Hampton is saving for a computer. At the end of each month, he puts $60 in a savings account that pays 4.5% interest compounded monthly. How much is in the account after 3 years?

3. Anne Robinson borrowed $25,000 from her father to start a flower shop. She repaid him after 3 years, with annual interest rate of 4%. Find the total amount she repaid. 

 







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