Answer:
Earning at Long's Bank are expressed by the equation, I = -0.06 x + 8.3
Earnings at Fellow's Bank are modeled by I = -0.02 x+6.6
Where,x is the number of checks written.
now, we have to find that , at what range of checks will a checking account at Long's Bank generate more earnings income than one at Fellow's Bank.
-0.06 x +8.3 > -0.02 x +6.6
-0.02 x+0.06 x < 8.3 - 6.6
0.04 x < 1.7
Dividing both sides by , 0.04, we get
x< 42.5
So, x ∈[0,42], which is number of checks written.
2. APR on personal Loans =5.5%
Value of APR when compounded monthly
=0.46 (approx)
Value of APR when compounded Quarterly
= 1.84 (approx)
Difference between Rate , when the APR rate is compounded monthly as compared to when it's compounded quarterly
=1.84 - 0.46
=1.38 (approx)
Quarterly APR is 1.38 value more than Monthly APR, when the rate of Yearly APR is 5.5%.