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Lubov Fominskaja [6]
3 years ago
11

Lin's job pays $8.25 an hour plus $10 of transportation allowance each week. She has to work at least 5 hours a week to keep the

job, and can earn up to $175 per week (including the allowance). 1. Represent this situation mathematically. If you use variables, specify what each one means and how many hours per week can Lin work? explain or show reasoning ​
Mathematics
1 answer:
Usimov [2.4K]3 years ago
5 0
Y=8.25x+10

10 is the allowance plus the 8.25 times x which is the hours
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(Annuity number of​ periods) ​You've just bought a new​ flat-screen TV for ​$3,400 and the store you bought it from offers to le
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  2.5 years

  $736 in interest

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The relationship between the values in an amortization is ...

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Here, we have A = 140, P = 3400, r = 0.16 and we want to find t

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Taking logarithms gives ...

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It will take about 2.5 years to pay off the loan.

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You will pay about $736 in interest over the life of the loan.

_____

<em>Additional comment</em>

The number of payments is calculated to be about 29.54. You would probably make 30 payments, with the last payment being a different amount than $140. The actual amount will depend on when the payment is made, and the amount of it that is finance charge. We believe the remaining balance after 29 payments will be $75. After a full month, the finance charge due on that amount is $1.00, bringing the total amount of interest paid to $736.

If the loan is paid off in the middle of the month, the interest due is reduced. Above, we have calculated interest based on a last payment made part way through the month. We rounded up, partly because of the ambiguity in the final payment.

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