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Katyanochek1 [597]
3 years ago
11

If Samantha can pay off her loan in 36 months at a 10% interest rate rather than in 48 months at a 12% interest rate, how much m

oney will she save in interest charges on her $6,000 loan?
Mathematics
1 answer:
Ymorist [56]3 years ago
7 0
Hi there
The simple interest formula is
I=prt
I interest changes
P amount of the loan 6000
R interest rate
T time( number of months/12 months)

The interest in 36 months at a 10%
I=6,000×0.1×(36÷12)=1,800
The interest in 48 months at a 12%
6,000×0.12×(48÷12)=2,880
she will save
2,880−1,800=1,080

Good luck!
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Answer:

  $2.50

Step-by-step explanation:

The question asks for the total cost of a notebook and pen together. We don't need to find their individual costs in order to answer the question.

Sometimes we get bored solving systems of equations in the usual ways. For this question, let's try this.

The first equation has one more notebook than pens. The second equation has 4 more notebooks than pens. If we subtract 4 times the first equation from the second, we should have equal numbers of notebooks and pens.

  (8n +4p) -4(3n +2p) = (16.00) -4(6.50)

  -4n -4p = -10.00 . . . . . . . . . . . simplify

  n + p = -10.00/-4 = 2.50 . . . . divide by the coefficient of (n+p)

The total cost for one notebook and one pen is $2.50.

__

<em>Additional comment</em>

The first equation has 1 more notebook than 2 (n+p) combinations, telling us that a notebook costs $6.50 -2(2.50) = $1.50. Then the pen is $2.50 -1.50 = $1.00.

One could solve for the costs of a notebook (n) and a pen (p) individually, then add them together to answer the question. We judge that to be more work.

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Read 2 more answers
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