Accounting and Finance Foundations

Unit 10

Accounting and Finance Foundations Unit 10: Credit 777

Credit

Chapter 22

Student Assignment

22.9.1 Credit Assignment

Using the formulas learned in this lesson, calculate the missing items in the charts below.

Principal Rate Time Interest

1 $550 10% 2 years

2 $1,100 9.5% 6 years

3 $3,578 21% 3 years

4 $2,975 4% 1 year

5 $25,000 12% 5 years

Principal Interest Time Rate

6 $800 $124 2 years

7 $1,650 $95 4 years

8 $2,000 $370 2 years

9 $40,000 $24,000 12 years

10 $423 $256 4 years

Principal Rate Interest Time

11 $450 10% $135

12 $7,100 18% $252

13 $1,500 16.5% $485

14 $2,000 4.5% $85

15 $3,549 9.5% $345