1) Jim took out a loan for $500. The rate is 8%. How much does Jim owe in interest if he pays it back in 4 1/2 years?
1 answer:
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Answer:
y/x = 2.5
Step-by-step explanation:
y ∝ x
change ∝ to = by adding constant k or c
y = kx
Divide both sides by x
y/x = k, also k = y/x
Input the values
k = (7 1/2)/3. Change 7 1/2 to improper fraction to give 15/2
k = (15/2)/3
k = ÷ 3
Change the division sign to multiplication which will change 3 to its inverse(1/3)
k = ×
k =
Divide the numerator and denominator by 3 to get 5/2
k = 5/2
From y/x = k,input k into the eqn
y/x = 5/2
y/x = 2.5