For a loan of $40,000 at 12% for 10 years, how much do you wind up paying back?
2 answers:
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Number of dimes collected is 339 and number of nickels collected is 113
<em><u>Solution:</u></em>
Given that There is a total of $39.55
There are 3 times as many dimes as nickels
To find: Number of dimes and nickels collected
Let "d" be the number of dimes collected
Let "n" be the number of nickels collected
We know that,
1 dime = $ 0.10
1 nickel = $ 0.05
From given information,
There are 3 times as many dimes as nickels
So, we get
Number of dimes = 3(number of nickels)
d = 3n
Given that there is total of $ 39.55
number of dimes collected x value of 1 dime + number of nickels collected x value of 1 nickel = $ 39.55
Substitute n = 113 in d = 3n
<em><u>Summarizing the results:</u></em>
number of dimes collected = 339
number of nickels collected = 113