B don’t quote me if I’m wrong
Part 1:
After payment of $300, remaining balance = $2,348.62 - $300 = $2,048.62.
Interest accrued is given by:
Had it been $600 was paid, remaining balance = $2,348.62 - $600 = $1748.62. Interest accrued is given by:
Difference in interest accrued = $14.94 - $12.75 = $2.19
Part 2:
The present value of an annuity is given by:
Where PV is the amount to be repaid, P is the equal monthly payment, r is the annual interest rate and n is the number of years.
Thus,
Therefore, the number of months it will take to pay of the debt is 3.99 months which is approximately 4 months.
A) 25/24 because i don’t know i’m just doing this to get points
Number of dimes: x
Number of quarters: x + 3
Answer:
B ) 0.10 x + 0.25 ( x + 3 ) = $1.80
Also we can solve this equation:
0.10 x + 0.25 x + 0.75 = 1.80
0.35 x = 1.80 - 0.75
0.35 x = 1.05
x = 1.05 : 0.35
x = 3, x + 3 = 6
He has 6 quarters and 3 dimes.
( 6 * 0.25 + 3 * 0.10 = 1.50 + 0.30 = $1.80 - correct)