Given:
Principal : 7,200
Interest Rate:
Bank M : 3%
Bank K : 4%
Term : 5 years
Interest = Principal * Interest Rate * term
Bank M:
I = 7,200 * 0.03 * 5
I = 1,080
Bank K:
I = 7,200 * 0.04 * 5
I = 1,440
1,440 - 1,080 = 360
Jim will pay 360 more interest if he takes the $7,200 loat at a 4% interest rate for a 5-year term.
I’m not sure but I think that it is 15x+5y
4.75 rounded to the nearest whole number is 5. If the number after the decimal point is greater than 4, round up. If it is 4 or less, round down. Example: If it was 4.35 you would round it to 4.
You would round 4.75 up to 5.
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The correct answer to that equation is 3328
First set up a proportion
240/160 = 320/200
Cross multiply and if the left equals the right it is similar.
