1. Sharon will borrow $3400 at 11% APR. She will pay it back over 18 months. What will her monthly payment be? (Use table)
2 answers:
Answer:
1) The Monthly payment is 220.06.
2) The Monthly payment is 73.24.
Step-by-step explanation:
1) Given : Sharon will borrow $3400 at 11% APR. She will pay it back over 18 months.
To find : What will her monthly payment be?
Solution : Amount is $3400 , APR = 11% , Time= 18 months
From the table 1 we can see at 11% APR and in 18 months the interest per $100 is 16.50 (Marked in attached table 1)
So, The total interest is
The Monthly payment is
Therefore,The Monthly payment is 220.06 Option B is correct.
2) Given : Patrick will borrow $4300 at 11.5% APR. He will pay it bak over 5 years.
To find : What will her monthly payment be?
Solution : Amount is $4300 , APR = 11.5% , Time= 5 years
From the table 2 we can see at 11.5% APR and in 5 years the interest per $100 is 2.199 (Marked in attached table 2)
So, The total interest is
The Monthly payment is
Therefore,The Monthly payment is 73.24.
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Answer:
The family bought approximately 2 bags of chips.
Step-by-step explanation:
Given:
Total spent by family = $5.50
We need to find bags of chips did the family buy.
Solution:
Let number of bags of chips bought be 'x'.
Also Given:
The number of candy bars was twice as much as the number of bags of chips.
number of candy bars =
Now we can say that;
Total spent by family is equal to sum of the number of bags of chips bought and number of candy bars.
framing in equation form we get;
Dividing both side by 3 we get;
Hence the family bought approximately 2 bags of chips.