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List the factors of 60. Then look at the factors that are 3 apart, a difference of 3. This gives you 12 & 15.
12: 12, 24, 36, 48, 60
15: 15, 30, 46, 60
Answer:
Step-by-step explanation:
Solution:
1. Cost of a new Violin that is bought by the musician = $ 2900
Monthly interest charge = 3.35 %
If you will find the compound interest or simple interest for a month, they both will be same for a month.
Simple interest =
Interest paid at the end of first month = $ 97.15
2. Loan Amount = $ 3,500
Annual interest = 8 %
Time period = 2 years= 24 months
As , we have to find the total payback for two years, at 8% annual interest with monthly payments .we will use the formula of Amount in terms of compound interest here.
Formula for Amount
Amount=
Total payback after 2 years = $ 4098.58