He saves $ 1.75 each day from his allowance.
<u><em>Explanation</em></u>
The ratio of his savings and expenses is 7 : 5
Lets assume, his savings = 7x dollar and his expenses is 5x dollar
Given that, his daily allowance is $3. So....
So, the amount of his savings each day
Answer:
The answer is below
Step-by-step explanation:
The formula m = (12,000 + 12,000rt)/12t gives Keri's monthly loan payment, where r is the annual interest rate and t is the length of the loan, in years. Keri decides that she can afford, at most, a $275 monthly car payment. Give an example of an interest rate greater than 0% and a loan length that would result in a car payment Keri could afford. Provide support for your answer.
Answer: Let us assume an annual interest rate (r) = 10% = 0.1. The maximum monthly payment (m) Keri can afford is $275. i.e. m ≤ $275. Using the monthly loan payment formula, we can calculate a loan length that would result in a car payment Keri could afford.
The loan must be at least for 5.72 years for an annual interest rate (r) of 10%