Melissa Costouras obtains a $3,000 loan for darkroom equipment. She makes six monthly payments of $511.18. Determine the APR.
1 answer:
Using the simple interest formula, it is found that the APR for the loan is of 4.472%.
<h3>What is the simple interest formula and when it is used?</h3>Simple interest is used when there is a single compounding per time period.
The amount of money after t years in is modeled by:
In which:
- A(0) is the initial amount.
- r is the interest rate, as a decimal.
The parameters for this problem are:
A(t) = 6 x 511.18 = 3067.08, A(0) = 3000, t = 0.5.
We solve the equation for r to find the APR.
1 + 0.5r = 1.02236
r = (1.02236 - 1)/0.5
r = 0.04472.
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The equation, table of values and graph for the given problem.
Solution:
Let x be the number of tickets and y be the total money spent on tickets.
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So, total cost is
The required equation is .
At x=1,
At x=2,
At x=3,
The required table of values is
x y
1 5
2 10
3 15
So, the required table of values is table A.
From the above table, it is clear that the graph passes through the point (1,5), (2,10) and (3,15). The graph B passes through these points.
So, the required graph is graph B.
Since the required answers are , table A, graph B, therefore the correct option is B.
Answer:
1
Step-by-step explanation:
We have the graph of f(x).
In order to find f(0), we simply need to find the y-coordinate of the coordinate when x is 0.
From the graph, we can see that there is a point at (0,1).
In other words, when x is 0, f(x) is 1.
Therefore: