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5.6 Problem Set349Problem Set 5.6A These problems are similar to the examples found in this section. They should be set up and solved in the same way.(Problems 1–12 involve simple interest.) [Examples 1–4]1. Savings Account A man invests $2,000 in a savings planthat pays 8% per year. How much money will be in theaccount at the end of 1 year?$2,1602. Savings Account How much simple interest is earned on$5,000 if it is invested for 1 year at 5%?$2503. Savings Account A savings account pays 7% per year.How much interest will $9,500 invested in such anaccount earn in a year?$6654. Savings Account A local bank pays 5.5% annual intereston all savings accounts. If $600 is invested in this type ofaccount, how much will be in the account at the end of ayear?$6335. Bank Loan A farmer borrows $8,000 from his localbank at 7%. How much does he pay back to the bankat the end of the year when he pays off the loan?$8,5606. Bank Loan If $400 is borrowed at a rate of 12% for 1 year,how much is the interest?$487. Bank Loan A bank lends one of its customers $2,000 at8% for 1 year. If the customer pays the loan back at theend of the year, how much does he pay the bank?$2,1608. Bank Loan If a loan of $2,000 at 20% for 1 year is to bepaid back in one payment at the end of the year, howmuch does the borrower pay the bank?$2,4009. Student Loan A student takes out an emergency loanfor tuition, books, and supplies. The loan is for $600with an annual interest rate of 5%. How much interestdoes the student pay if the loan is paid back in 60days?$510. Short-Term Loan If a loan of $1,200 at 9% is paid off in 90days, what is the interest?$2711. Savings Account A woman deposits $800 in a savingsaccount that pays 5%. If she withdraws all the moneyin the account after 120 days, how much does shewithdraw?$813.3312. Savings Account $1,800 is deposited in a savings accountthat pays 6%. If the money is withdrawn at the end of 30days, how much interest is earned?$9