Based on the simple interest amount he could be making, and the rate of investment, Tyrell's additional interest per month is $1,000.
<h3>How much is Tyrell paying in additional interest?</h3>
Assuming the additional interest that Tyrell is paying is x, the following formula can be used:
300 = (x × 2.5%) x 12 months
Solving gives:
300 = 0.025x × 12
0.025x = 300/12
x = 25 / 0.025
x = $1,000
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Answer: 13%
Step-by-step explanation:
The formula to find the simple interest is given by :-
, where P is the principal amount, r is rate of interest () in decimal and t is the time ( in years).
Given : P = $19,100 , I=$9932.00 and t= 4 years
Substitute all the above values in the formula , we get
In percent , 
Hence, the rate of interest = 13%
You do the following.
Take the price of the most expensive subscription and retract the price of the cheap one.
$50-$40 = $10
Since we know what the price of a text message and the difference in dollars between the two subscriptions, we can calculate how many text messages has to be sent. We just divide the result from before ($10) with the price of a text message ($0.2)
$10/$0.2 = 50
The total number of text messages that needs to be send in order for the price of the subscriptions to be the same, is 50.
