What is the estimate of the sum of 324, 653, 303, and 491 using front end estimation?
2 answers:
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Answer:
The balance after the payment is $1263.84.
Step-by-step explanation:
The formula for amount after compound interest is
Where, P is principal, r is rate of interest, n is number of time interest compounded in a period, number of periods.
According to the given information,
P=1455.69
r=0.128
n=365
t=45
Put these values in the above formula,
The amount after compound interest is $1478.84. Add late fee chages $35 in this amount and subtract the payment of $250. So, the balance amount after payment is
Therefore the balance after the payment is $1263.84.
The total amount of his commission for these vehicles is $ 1686
<em><u>Solution:</u></em>
Given that,
Miles earns a 6% commission on each vehicle he sells
Therefore,
Commission rate = 6 %
Today he sold a truck for $18,500 and a car for $9,600
Therefore,
Commission amount = 6 % of (18500 + 9600)
Commission amount = 6 % of 28100
Calculate the above equation
Thus the total amount of his commission for these vehicles is $ 1686