The answer to this question would be <span>B. Mystic
</span><span>
Since the rate should be constant, option C and D wouldn't be true.</span>
If the Four Rivers bank gives 12% per year and Mystic Bank gives 14% per year, it will be 3% per quarter year for Four Rivers Bank and 7% semiannually for Mystic Bank.
The total rate would become:
Four rivers 103%^4= 1.125
Mystic : 107%^2= 1.145
9514 1404 393
Answer:
- $304
- $91.83
Step-by-step explanation:
1. The finance charge is found from the simple interest formula;
I = Prt
where P is the principal amount, r is the annual rate, and t is the number of years.
24 months is 2 years, so the interest charged is ...
I = $1900×0.08×2 = $304
The finance charge is $304.
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2. The monthly payment will be the total amount due, divided by the number of months.
payment = ($1900 +304)/24 = $2204/24 ≈ $91.83
The monthly payment is $91.83.
Answer:
D: 50 Square Units
Step-by-step explanation: