Step-by-step explanation:
2m+m=10+8
3m=18 /3
M=6
Based on the amount that Nick is left with at the end of the month, the amount he earns is $2,400
<h3>What does Nick earn?</h3>
The amount of $300 that is left is 25% of 50% of Nick's income as the other 75% of the 50% went to paying for the car and other expenses.
25% of 50% is:
= 25% x 50%
= 12.5%
The amount Nick makes per month is:
= Amount remaining / Amount remaining in percentage terms
= 300 / 12.5%
= $2,400
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Answer:
The description for the problem is listed throughout the section below on explanations.
Step-by-step explanation:
The given values are:
The amount of bank loan = $22,000
Interest rate = 7.99%
Pays monthly = $700
So, the principal amount decreases by 700 per month.
Now,
The principal amount at the end of the
month = (22000 - 700 m)
Then,
The interest paid at the end of 1 year:
⇒ 
On simplifying the above equation, we get
⇒ ![0.0799[12(22000)-\frac{11\times 12}{2}\times 700]](https://tex.z-dn.net/?f=0.0799%5B12%2822000%29-%5Cfrac%7B11%5Ctimes%2012%7D%7B2%7D%5Ctimes%20700%5D)
⇒ ![0.0799[264000-11\times 6\times 700]](https://tex.z-dn.net/?f=0.0799%5B264000-11%5Ctimes%206%5Ctimes%20700%5D)
⇒ ![0.0799[264000-46200]](https://tex.z-dn.net/?f=0.0799%5B264000-46200%5D)
⇒ $
Therefore interest could be measured correctly at the end of each year, likewise.
⇒ 
⇒ ![R[12\times 22000-700[12m+\frac{11\times 12}{2}]]](https://tex.z-dn.net/?f=R%5B12%5Ctimes%2022000-700%5B12m%2B%5Cfrac%7B11%5Ctimes%2012%7D%7B2%7D%5D%5D)
⇒ ![R[264000-700[12m+\frac{11\times 12}{2}]]](https://tex.z-dn.net/?f=R%5B264000-700%5B12m%2B%5Cfrac%7B11%5Ctimes%2012%7D%7B2%7D%5D%5D)
⇒ ![R[263300(12m+66)]](https://tex.z-dn.net/?f=R%5B263300%2812m%2B66%29%5D)
R : interest rate