Answer:
Step-by-step explanation:
The standard charge includes an initial fee and plus an addditional fee for each mile driven and is given by:
The insurance charge is given by:
So, the total charge C will be the sum of the standard charge S and the insurance charge I:
Substitute:
Rearrange:
Add:
And we have acauired our equation relating C to M!
Answer:
The exact interest on $5,870 at 12% is $410.9
Step-by-step explanation:
From the information provided we know that
Principal amount: $5,870
Interest rate: 12% -> 0.12
Time: 7 months (From June to December)
When you know the principal amount, the rate, and the time, the amount of interest can be calculated by using the formula:
where P is principal, r is the rate of interest and t is the time in years.
We need to convert the 7 months into 1 year.
Now we can use the above formula
Therefore the exact interest on $5,870 at 12% is $410.9