Can someone please help me
1 answer:
Answer:
a) $370
b) $305 is from interest; $3695 comes from deposits
Step-by-step explanation:
(a) The formula variables are not defined here, so choosing the appropriate formula is difficult. I worked through the "A =" formula because I'm used to seeing a formula in which A is the payment amount. Not so, here.
Here, P is the payment amount. Since you're asked to find the amount of payment, you want to choose and evaluate the "P=" formula. Payments and compounding are 2 times per year, so n=2, and the term is 5 years, so t=5. The interest rate, r, is 3.5%, or 0.035.
Then your formula evaluates to ...
... P = A((1 +r/n)^(nt) -1)/(r/n) = 4000·0.0175/(1.0175^(2·5) -1) ≈ 369.50
Part A wants the amount rounded up to the nearest dollar, so $370.
(b) 10 payments of $369.50 will total $3695.00. This is the amount from payments. The remainder, $4000 -3695 = $305 is from interest.
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Answer:
Mona will save a total of $7 by going to Carpet World.
Step-by-step explanation:
First, we need to calculate the total area of the floor by multiplying the width by the length...
5m * 8m = 40m
Now we calculate the amount that it would cost to buy the carpet from each of the establishments. For the first establishment, we can buy 16 and get the next 8
half off and that would leave another 16
at full price. The second establishment we have a 5% off (0.95 of official price) for every 8
, since out total area is 5 times this amount then our total will have a 5% off.
Establishment 1: (16 * 2.20) + (8
* 1.10) + (16
* 2.20) = $79.20
Establishment 2: (40 * 1.90) * 0.95 = $72.20
Difference: 79.20 - 72.20 = $7
Mona will save a total of $7 by going to Carpet World.
