A SCHOOL IS PLANNING A FIELD TRIP. THERE ARE A TOTAL OF 611 STUDENTS AND 91 SEATS ON EACH BUS. HOW MANY BUSES ARE NEEDED TO TAKE
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1 car is $3.83.
3 cars is $3.83 × 3
3.83 × 3 = 11.49
Shipping fee is $4.55. Add that to the price of the 3 cars
11.49 + 4.55 = 16.04
The girls share the cost equally. Divide by 2
16.04 ÷ 2 = 8.02
Niki pays $39,467 interest will he have paid in total.
Given that,
Niki makes the same payment every two months to pay off his $61,600 loan.
The loan has an interest rate of 9.84%, compounded every two months.
If Niki pays off his loan after exactly eleven years.
We have to determine,
How much interest will he have paid in total?
According to the question,
The total interest will be paid is determined by,
Where, PV = $61,600, r = interest rate = 9.84% = 0.0984;
t = number of payments in a year = 6; n = number of years = 11 years and P is the periodic payment.
Substitute all the values in the formula;
Therefore,
Niki pays $1,534.78 every two months for eleven years,
The total payment made by Niki = 11 x 6 x 1,534.78 = $101,295.48
Therefore, interest paid by Niki = $101,295.48 - $61,600 = $39,695.48.
Hence, Niki pays $39,467 interest will he have paid in total.
For more details about Interest rates refer to the link given below.