$356 - $123 = $233, joshua spent $233
Answer:
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Answer:
the answer depends on which type of interest we use:
- simple interest rate = 24%
- compound interest rate = 26.82%
Step-by-step explanation:
the interest rate paid for holding the cards one month 1/50 or 2%.
to convert 2% monthly interest rate to a simple annual rate:
monthly rate x 12 months = 2% x 12 = 24%
now to convert 2% monthly interest rate to an annual rate (using compound interest):
- = (1 + r)ⁿ - 1
- = (1 + 0.02)¹² - 1 = 1.2682 - 1 = 0.2682 or 26.82%
in compound interest, earned interest earns even more interest by itself besides the interest earned by the principal.
To find the linear equation, use the slope formula y = mx+b, where b is the value of the y-intercept and m is rise/run.
The line rises 1 unit and runs (left to right) -5 units. (you could also say the line runs -1 units and runs 5 units, they will both give the same answer). Rise/run, 1/-5 = -1/5.
The y-intercept is the y value where the line touches the y-axis. In this case, it is +1.
Plug the information into the equation. m = -1/5 and y = 1. y = -1/5x + 1
Answer:
60.
Step-by-step explanation:
