📘 finance, algebra
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Earnings Simple Interest
1. (b) (i) Problem: Calculate Ria's earnings for 40 hours at a rate of 13.50 per hour.
Calculation: $$ 40 \times 13.50 = 540 $$
Car Loan Payment
1. **State the problem:** We need to find the monthly payment on a car loan of 18500, with an annual interest rate of 2.45%, over 8 years. Interest is compounded monthly.
2. **Ide
Annuity Withdrawals
1. Problem Statement:
We have an ordinary annuity with an interest rate of 7.92% compounded monthly.