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Alisiya [41]
3 years ago
14

7. Sarah bought a lawnmower for $320. She signed up for the buy now pay later plan at the store with the following conditions: $

100 down and payments of $25 for the next 12 months. The extra cost paid by taking this plan is equivalent to what actual yearly rate of interest? A. 65% B. 85% C. 67% D. 25%
Mathematics
2 answers:
dimulka [17.4K]3 years ago
5 0

Answer:  D. 25%

Step-by-step explanation:

Here the present value, PV = $320 - $ 100 = $ 220

Total number of period, n = 12

And, Payment per month, P = $25

Therefore, the amount he paid in 12 months = 25×12 = 300

Thus, the extra amount he paid = 300 - 220 = $80

So, the more amount he paid than the actual amount = \frac{80}{320} \times 100=\frac{8000}{320}= 25\%

Thus, she paid 25 % extra.

erastova [34]3 years ago
4 0
Amount financed
320−100=220

Total paid
100+25×12=400

Interest paid
400−320=80

Interest rate=(2yc)÷(m (n+1))
I=(2×12×80)÷(220 (12+1))
I=(2×12×80)÷(220×13)
I=0.67×100
I=67%
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Andrew [12]

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Step-by-step explanation:

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Hope this helps! If you have any questions on how I got my answer feel free to ask. Stay safe!

5 0
2 years ago
Read 2 more answers
3<br> Describe and correct the error a student made when graphing the linear equation y = -3/4x -6
likoan [24]

Answer:

In step 1 the y-intercept should be plotted at (0,-6)

Step-by-step explanation:

Remember that to find the Y intercept in any linear equation you need to use 0 as your X value, this means taking the formula in the y=mx+b form and replacing X with a 0.

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y = -3/4(0) -6

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So the y-intercept sould be placed in (0,-6)

That's what he did wrong when graphing the equation.

5 0
3 years ago
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