Given:
Unit base price: $435
Credit Card interest rate, i = 9.4% compounded monthly; i = 0.00783/month comp monthly
n = 1.5 years = 18 months
sales tax = 8.51%
First, determine the actual price of the unit by adding the sales tax to the base price of the unit:
$435 * (1 + 0.0851)
Actual price = $472.0185
So, the total amount paid by Brian should be higher than the actual price since he used his credit card. Use the formula from economics:
F = P (1+i)^n
F = $507.96
Therefore, the total amount paid by Brian is $507.96.
Answer:
Step-by-step explanation:
I cant see the problem well
The <em>correct answer</em> is:
B) INS 38.35
Explanation:
The day with the best exchange rate is Friday; the rate is 1:6.1715. Converting 88.65£ with this rate, we have:
88.65(6.1715) = 547.103475.
Since he is charged an 8% surcharge, he gets to keep 100%-8% = 92% = 92/100 = 0.92 of this:
0.92(547.103475) = 503.335197
The day with the worst exchange rate is Wednesday, with a rate of 1:5.7012. Converting 88.65£ at this rate,
88.65(5.7012) = 505.41138. 4
0.92(505.41138) = 464.9784696
The difference between Friday and Wednesday is:
503.335197-464.9784696 = 38.3567274, or 38.35.
The awnser is two over seven