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ipn [44]
4 years ago
9

If a musician uses his credit card to pay for a new violin that costs $2,900 and does not pay on it until the second month, what

will the 3.35% monthly interest charge be at the end of the first month? Show your work or explain how you got your answer.
Calculate the total payback for a $3,500 loan at 8% annual interest with monthly payments for two years. Show all of your steps.

Use the formula, M = Pm(1 + m)^na/(1 + m)^na - 1, as needed.
Mathematics
1 answer:
xenn [34]4 years ago
3 0

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 =

\frac{Principal \times Rate \times Time}{100}

 =\frac{2900 \times 3.35 \times 1}{ 100}\\\\ =29 \times 3.35\\\\ =97.15

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= Principal (1 +\frac{Rate}{100})^{time}]

          =3500 \times [(1+\frac{8}{1200})^{24}]\\\\ = 3500 \times [(1.0066)^{24}]\\\\= 3500 \times  1.1710 \\\\ =4098.58

Total payback after 2 years = $ 4098.58


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8 0
3 years ago
A computer was on sale for 2/3 of the original price.If the original price was 900 dollars what was the sale price
Alexxx [7]

Answer: The sale price is $600.

Explanation:

Since we have given that

The original price of a computer = 900 dollars

According to question, we have given that the sale price was   \frac{2}{3}  of the original price,

So,

Sale price is given by

\frac{2}3}\times 900\\\\=2\times 300\\\\=\$600

Hence, the sale price is $600.

6 0
4 years ago
Nicole bought 500 shares of a company stock for $8.24/share. she pays a broker a commission of $20 buy and sell sock. after one
Zepler [3.9K]
She had a rate of return of 21.5%.

Her total cost to buy the shares was:
500 x 8.24 + 20 = 4140

When she sold the stocks, she made:
500 x 10.10 - 20 =5030

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890 / 4140 x 100 = 21.5%
7 0
3 years ago
What is the total surface area of the drawing?
Soloha48 [4]

Total surface area equals area of 5 rectangular faces + 2 pentagonal faces


Area of 5 rectangular faces

=5 \times 6 \times 9 km^2


=270 km^2


Area of 2 pentagonal faces can be found by drawing 5 isosceles triangles with height as shown in the diagram and multiply the result by 2.


=5 \times \frac{1}{2} \times 9 \times 6.2 \times 2km^2



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The toatal surface area is



=270+279=549 km^2


The correct answer is A




3 0
3 years ago
What’s the lowest common multiple of 120 and 75
andreyandreev [35.5K]
<h2>Answer:  600</h2>

Step-by-step explanation:

prime factorization of 75:

75 = 3 × 5 × 5

prime factorization of 120:

120 = 2 × 2 × 2 × 3 × 5

LCM = 2 × 2 × 2 × 3 × 5 × 5

There for the LCM = 600

* HOPEFULLY THIS HELPS:) Mark me the brainliest:)!!

5 0
4 years ago
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