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leva [86]
3 years ago
10

Maggie’s mom agrees to let Maggie buy small gifts for some of her friends. Each gift costs $4. Maggie’s mom gave her a budget of

$19. When Maggie went online to order the gifts, she discovered there was a $7 shipping fee no matter how many gifts she bought. Use arithmetic (without variables) to determine how many gifts Maggie can buy. Record your steps. Write an algebraic equation to determine how many gifts Maggie can buy with $19, and solve your equation. Record your steps. Compare and contrast the two methods of solving the problem. 6-79.
Business
1 answer:
solmaris [256]3 years ago
5 0

Maggie can buy 3 gifts

Solution:

Total budget $19

Each gift costs $4

Shipping fee $7

a.  Total budget — Shipping fee = $19 - $7 = $12  

Maggie’s got $12 more

Each gift costs $4  

Number of gifts that Maggie can buy = \frac{12}{4}  =3  

b.   Let x represent the number of gifts.  

                      19 = 7 +4x

       Subtract -7 from both sides

             19 - 7= 7 + 4x - 7

            Now Simplify,

                   12 = 4x

         Divide both sides by 4

                   \frac{12}{4} = \frac{4x}{4}

                      x = 3  

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Imagine you are making a $1000 purchase with different payment options. Which of the following
Tomtit [17]

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<h3>How to calculate payment options:</h3>

Payment options can be computed using an online finance calculator as follows:

The option that pays the least total cost should be chosen.

<h3>Data and Calculations:</h3>

Loan payment = $1,000

A. 8% APR, no payments for the first 6 months, then 6 monthly payments:

Amount after 6 months = $1,040 ($1,000 + $1,000 x 0.08 x 1/2)

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<u>Results:</u>

PMT = $174.49

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B. 10% APR, with 12 monthly payments:

N (# of periods) = 1

I/Y (Interest per year) = 10%

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FV (Future Value) = $0

<u>Results:</u>

PMT = $84.03

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C. 12% APR, with 6 monthly payments:

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Thus, the payment option that pays the LEAST is <u>Option B</u>.

Learn more about periodic payments at brainly.com/question/24244579

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Without buying points, a monthly mortgage payment will be $958. Buying 1 point at closing would reduce the payment to $948. 75.
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The time taken to break even at buying 1 point will be in<u> 9 years</u>.

Given,

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Computation:

1. The computation of the reduced amount in the monthly mortgage payment:

\begin{aligned}\text{Reduced Amount}&=\text{Original Payment}-\text{Reduced Payment}\\&=\$958-\$948.75\\&=\$9.25\end{aligned}

2. The computation of yearly mortgage payment:

\begin{aligned}\text{Yearly Mortgage Payment}&=\text{Reduced Amount}\times\text{Total Months in a Year}\\&=\$9.25\times12\\&=\$111\end{aligned}

3. The computation of the number of years for the break-even by buying 1 point:

\begin{aligned}\text{Number of Years}&=\dfrac{\text{Cost of Point}}{\text{Amount og Yearly Mortgage Payment}}\\&=\dfrac{\$1,000}{\$111}\\&=9.00\;\text{Years}\end{aligned}

Therefore, to break even by buying 1 point the holder requires 9 years to reach.

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