Chapter 2: Problem 2
Convert \(16 \%\) to a decimal
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Key Concepts
These are the key concepts you need to understand to accurately answer the question.
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Chapter 2: Problem 2
Convert \(16 \%\) to a decimal
These are the key concepts you need to understand to accurately answer the question.
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You leave a tip for \(\$ 7.50\) for a bill at a restaurant that is \(\$ 44.50 .\) What percent tip did you leave?
You deposit \(\$ 1,000\) in an account that earns simple interest. The annual interest rate is \(2.5 \%\). a. How much interest will you earn in 5 years? b. How much will you have in the account in 5 years?
A friend lends you \(\$ 200\) for a week, which you agree to repay with \(5 \%\) one-time interest. How much will you have to repay?
Tom has misplaced the sales contract for his car and cannot remember the amount he originally financed. He does know that the interest rate was \(9.6 \%\) APR for 60 months and the simple interest loan required a total of 60 payments at \(\$ 254.23 .\) What is the amount of money that Tom borrowed?
Consider an investment of \(\$ 20000\) with an annual interest rate of \(5 \%\). a. If that investment is earning simple interest, how much will the investment be worth in 10 years? b. If that investment is getting annually compounding interest, how much will the investment be worth in 10 years?
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