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Sunny_sXe [5.5K]
3 years ago
5

A bank is offering you an introductory credit card promotion. Your interest for the first year is 8%. But, at the beginning

Mathematics
1 answer:
Art [367]3 years ago
7 0

Answer:

  • c) $22.50

Explanation:

<u>1. Calculate the monthly interest owed during year 1</u>

<u />

  • <em>Interest for first year: 8%</em>

  • The monthly rate is the yearly rate divided by 12: 8% / 12 = 0.08/12

  • The monthly interest owed is the monthly rate times the balance: (0.08/12)×$1,800 = $12.00

<u>2. Calculate the monthly interest owed during year 2</u>

<u />

  • <em>Interest for second year: 23%</em>

  • The montly rate is the yearly rate divided by 12: 23% / 12 = 0.23/12

  • The monthly interest owed is the monthly rate times the balance: (0.23/12)×$1,800 = $34.50

<u>3. Calculate the difference</u>

  • Difference in the monthly interest owed during year 1 and year 2 = $34.50 - $12.00 = $22.50

Hence, the answer is the option c) $22.50

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Ms. Moran has started an investment club at BSS. $8000 is invested, some at 10%
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The answer can be readily calculated using a single variable, x:

Let x = the amount being invested at an annual rate of 10%
Let (8000 - x) = the amount being invested at an annual rate of 12%

The problem is then stated as:

(x * 0.10) + ((8000 - x) * 0.12) = 900
0.10(x) + ((8000 * 0.12) - 0.12(x)) = 900
0.10(x) + 960 - 0.12(x) = 900
0.10(x) - 0.12(x) = 900 - 960
-0.02(x) = -60
-0.02(x) * -100/2 = -60 * -100/2
x = 6000 / 2
x = 3000

Thus, $3,000 is invested at 10% = $300 annually; and $8,000 - $3,000 = $5,000 invested at 12% = $600 annually, which sum to $900 annual investment.
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