zack borrowed $1,087 for 12 months at 11 percent interest. if he must pay 11.00 per $100, what is the total interest?
2 answers:
Answer:
The total interest is $119.57
Step-by-step explanation:
Given : Zack borrowed $1,087 for 12 months at 11% interest. It means he must pay 11.00 per $100.
To Find: what is the total interest?
Solution:
Formula of simple interest:
Principal = $1,087
Rate = 11%
Time(in years) =12 months = 1 year
Substituting the values
Hence The total interest is $119.57
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. To find 71.35% of 74,900 we multiply 
. That means that Jennifer keeps $53,441.15 of what she makes.
We are asked for her monthly net income. That is, how much money does she take home per month after the deductions. If we assume that she is paid the same amount each month, to find her monthly net income we divide 53,441.15 by 12.
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Recall, that percent means out of ("per") 100 ("cent" --> think "century= 100 years). So, 71.35% means 71.35 out of 100. That is
We are asked for her monthly net income. That is, how much money does she take home per month after the deductions. If we assume that she is paid the same amount each month, to find her monthly net income we divide 53,441.15 by 12.
Jennifer's net monthly income is
Note that when we divide by 12 above we actually get 4,453.42916 but as this is money I rounded to $4,453.43. In reality this is a little bit too high as 4,453.43 times 12 = 53,441.16. That means we overpaid her by one penny. In real life she probably would get 11 paychecks at $4,453.43 and one paycheck at $4,453.42 to make up for the penny, but if this is a textbook problem I expect the rounding up would be acceptable.