A merchant paid $3 each for golfing hats that he sold for $4 each. He therefore earned a
2 answers:
Answer:
Option E. None of these.
Step-by-step explanation:
A merchant paid $3 each for golfing hats and sold for $4 each. He earned a gross profit of $1 per hat.
We have to calculate the percent of increase in cost price Or percentage profit.
Percentage profit =
=
= %
Which not in any option.
Therefore, Option E. None of these is the answer.
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Using the monthly payment formula, it is found that the amount he will have to pay each month is of $649.45.
<h3>What is the monthly payment formula?</h3>It is given by:
In which:
- P is the initial amount.
- r is the interest rate.
- n is the number of payments.
In this problem, considering that the down payment does not count for interest, the parameters are given as follows:
P = 130000, r = 0.0438, n = 30 x 12 = 360.
Then:
r/12 = 0.0438/12 = 0.00365 -> 1+r = 1.00365.
Then the monthly payment is given by:
A = 649.45.
More can be learned about the monthly payment formula at brainly.com/question/2151013
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