Sue Shopper received a $749.25 discount loan to purchase a refrigerator. The loan was offered at 12% for 120 days
1 answer:
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Answer:
Step-by-step explanation:
we know that
A relationship between two variables, x, and y, represent a proportional variation if it can be expressed in the form or
In a proportional relationship the constant of proportionality k is equal to the slope m of the line and the line passes through the origin
In this problem we have that
The line pass through the points
<em>Find the value of the constant of proportionality k</em>
For x=2/5, y=1/2
substitute
Answer:
$6370
Explanation:
The simple interest formula gives us the final amount A given the principal amount P:
where r is the interest rate and t is the time interval.
Now in our case we have
P = 2800
r = 4.25/100
t = 30 years
therefore, the above formula gives
which simplifies to give
Hence, the account balance after 30 years will be $6370.