PLEASE HELP!!! PLEASE HURRYYY!!! I'm on timed quiz!!
1 answer:
the slope is -2 and the y-intercept is 12
Step-by-step explanation:
1. choose two ordered pairs from the table (x1,y1) and (x2,y2).
2. write down the slope formula
3. replace the xs and ys by their values
4. subtract
5. divide
1. to solve for the y intercept, choose any one of the ordered pairs
2. replace the letters by their values
3. multiply
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Option C
Monthly loan payment is $ 93.33
<em><u>Solution:</u></em>
From given question,
Cost of sailboat = $ 3000
Down payment = $ 1000
<em><u>Hence net principal is given as:</u></em>
net principal = p = $ 3000 - $ 1000 = $ 2000
p = $ 2000
The bank approved a simple interest flat rate loan for 2 years at 6% APR
Hence number of years = 2 years
Rate of interest = 6 %
<em><u>Let us first calculate the simple interest</u></em>
The formula for simple interest is given as:
Substituting the given values,
Thus simple interest = $ 240
Total amount payable = principal + simple interest
Total amount payable = $ 2000 + $ 240
Total amount payable = $ 2240
<em><u>How much are the monthly loan payments?</u></em>
Here number of years = 2 years
To calculate the monthly payment divide the total amount payable by 24 (since 2 year = 24 months )
Thus monthly loan payment is $ 93.33 Option C is correct