Well, let's multiply them!
8/3 * 9/7 = 72/21
8/3 x 9/4 = 72/12.
We know the one with the smallest denominator is larger if the numerator is the same. So that means
72/12 is larger.
Hi there
First find the monthly payment of each offer to see which monthly payment is lower
The formula of the present value of annuity ordinary is
Pv=pmt [(1-(1+r/k)^(-kn))÷(r/k)]
Pv present value
PMT monthly payment
R interest rate
K compounded monthly 12
N time
Solve the formula for PMT
PMT=pv÷[(1-(1+r/k)^(-kn))÷(r/k)]
Bank F
PMT=16,200÷((1−(1+0.057÷12)^(
−12×8))÷(0.057÷12))
=210.53
Bank G
PMT=16,200÷((1−(1+0.062÷12)^(
−12×7))÷(0.062÷12))
=238.21
From the above the monthly payment of bank f is lower than the bank g
And since the lifetime of bank g is lower than bank f the answer is
b. Yvette should choose Bank F’s loan if she cares more about lower monthly payments, and she should choose Bank G’s loan if she cares more about the lowest lifetime cost.
Good luck!
Let x = Initial Price
If we increase x by 5%, we are adding 0.05x
Therefore, the new price = x + 0.05x = 1.05x
If the ticket has increased by £2.30, £2.30 is 5% of the initial price, or 0.05x
0.05x = 2.30
x = 2.30/0.05
x = 46
Therefore, the price of the ticket before the increase was £46
You can also check this backwards by doing 46*0.05 = 2.30
X=5, if that’s what you’re solving for
Answer:
Principal = 3500
Time = 8 years
We are given that compound quarterly
So, No. of compounds per year = 2
Rate of interest = 5%
Formula : 
Substitute the values :
Interest = 3863.345 - 3500 = 363.345
Hence the total amount in an investment of $3500 that was compounded quarterly for 8 years at a rate of 5% is $3863.345 and the interest that was made on that account mentioned is $363.345
