Anjali went to Citizens Bank and borrowed $7,000 at a rate of 8%. The date of the loan was September 20. Anjali hoped to repay t
he loan on January 20. Assuming the loan is based on ordinary interest, Anjali will pay back how much interest on January 20? A. $187.18 B. $187.17 C. $189.78 D. $188.22
From September 20 to January 20, there are 4 months only which is equivalent to 1/3 of a year. The interest earned by the investment, P, made is calculated I = P x i x n where I is the interest, P is the principal amount, i is the interest rate, and n is the number of years. Substituting the known values, I = ($7000)(0.08)(1/3) I = $186.67 Hence, the answer to this item is $186.67.
The <u>cost</u> of his meal at a cafe is $36.00 and Cristofer wants to leave a <u>10% tip</u>. So to find what is his <u>total bill</u>, you have to <u>count 10% from</u> $36.00.
Note that
$36.00 -- 100%,
$x -- 10%.
Write aproportion:
Then
Therefore, the total bill consists of $36.00 for the meal and $3.60 tip:
