2) You purchase a car using a $23,000 loan with a 4% simple interest rate. Suppose you pay the loan off after 5
2 answers:
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Answer:
10 number of checks.
Cost = $6
Step-by-step explanation:
Given that:
Fixed Charges of first bank = $5
Charges of first bank per check = $0.10
Fixed Charges of second bank = $4
Charges of second bank per check = $0.20
To find:
Number of checks such that the charges for the banks become the same?
Solution:
Let the number of checks =
Cost for the first bank for checks = $5 + $0.10
Cost for the second bank for checks = $4 + $0.20
As per question statement, both the costs are the same.
Comparing the values:
So, for 10 number of checks the cost will be same.
The cost = 4 + 0.20 10 = <em>$6</em>