Sam Sounds received a $290 discount loan to purchase a stereo. The loan was offered at 16% for 90 days. Find the interest in dol
2 answers:
Answer:
Interest = $11.414
Proceed = $278.586
Step-by-step explanation:
Given : Sam Sounds received a $290 discount loan to purchase a stereo. The loan was offered at 16% for 90 days.
To find : The interest in dollars and the proceeds for the following problem.
Solution :
The amount of loan A = $290
The discount rate = 16%=0.16
Time = 90 days
Convert into year,
1 year = 365 days
1 day = year
90 days = year
The formula of interest is
Interest = Amount × Discount rate × Time
Interest = 290 × 0.16 × 0.246
Interest = $11.414
Proceed = Amount - Interest
Proceed = $290 - $11.414
Proceed = $278.586
You might be interested in
Answer:
a. The sample size is approximately 97 adults
Step-by-step explanation:
The given parameters are;
The number of adults surveyed, n = 174
The lowest value of the pulse rate = 39 bpm
The highest value of the pulse rate = 111 bpm
The level of confidence used for determining the sample size = 90%
The given sample mean = 3 pm of the population mean
a. The range rule of thumb states that the standard deviation is approximately one quarter (1/4) of the range
The range = 111 bpm - 39 bpm = 72 bpm
Therefore, the standard deviation, σ = 72 bpm/4 = 18 bpm
The sample size, 'N', is given as follows;
Where;
N = The sample size
z = The confidence level, 90% (z-score at 90% = 1.645)
p·q = σ² = 18² = 324
e² = 3² = 9
Therefore the appropriate sample size, N ≈ 97 adults.