Which shape is a rectangle
2 answers:
You might be interested in
Answer:
291.25 talk minutes would produce the same cost for both plans.
Step-by-step explanation:
Both plans can be modeled by a first order equation in the following format:
In which is the initial cost, f is the fee that is paid for each minute, and t is the number of minutes.
Cost of the first plan:
The problem states that the first plan charges a rate of 24 cents per minute, which means that .There is no initial cost, so
.
The equation for this plan is:
Cost of the second plan:
The problem states that the second plan charges a monthly fee of $34.95 plus 12 cents per minute. So and
The equation for this plan is:
Find the number of talk minutes that would produce the same cost for both plan:
This is the instant t in which:
291.25 talk minutes would produce the same cost for both plans.
Answer:
She would save $17,340.10.
Step-by-step explanation:
We will use formula :
A = Future amount
P = Principal amount
r = =
= 0.00275
t = 20 years ( 240 months )
= 50,000(1.00275)²⁴⁰
= 50,000 × 1.93304052
= $96,652.026 ≈ $96,652.03
If she paid it off 6 years early ( after 14 years ).
= 50,000 × 1.58623917
= 79,311.9585 ≈ $79,311.96
She would save by paying off 6 years early = 96,652.03 - 79,311.96
= $17,340.07 ≈ 17,340.10
She would save $17,340.10.