April decided to purchase a $12,000 MSRP vehicle at a 5% interest rate for 4 years. The dealership offered her a $1500 cash-back
2 answers:
Answer:
She can expect the monthly payment of $ 241.81 ( approx )
Step-by-step explanation:
Since,
The original price of the vehicle = $ 12,000
After getting $1500 cash-back incentive,
The price of the vehicle, P.V. = $ 12,000 - $ 1,500 = $ 1,050,
Now, the annual rate = 5 % = 0.05,
⇒ The monthly rate, r = ,
Time = 4 years,
⇒ Number of months, n = 4×12 = 48 ( 1 year = 12 months )
Now, the monthly payment would be,
Hence, she can expect the monthly payment of $ 241.81.
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The question is incomplete. Here is the complete question:
A contractor has two choices for billing a completed job.
· $500 flat rate, regardless of the number of hours worked
· $20 per hour worked
The graph shows the relationship between pay per hour and number of hours worked for both scenarios.
What is the solution to this system of equations, and what does it mean to the contractor?
A.The solution (0, 20) tells the contractor the minimum amount that can be charged.
B.The solution (0, 500) tells the contractor the maximum amount that can be charged.
C.The solution (25, 20) tells the contractor the number of hours on a job where the hourly rate is the same for both billing options.
D.The solution (20, 25) tells the contractor the number of hours on a job where the hourly rate is the same for both billing options.
Answer:
The graph is attached below.
C.The solution (25, 20) tells the contractor the number of hours on a job where the hourly rate is the same for both billing options.
Step-by-step explanation:
As per the graph, the x-axis represents the number of hours worked and the y-axis represents the rate in dollars per hour.
The hourly rate is given as $20.
The solution to the given lines drawn on the graph is the point of intersection of the two curves.
As we observe from the graph, the point of intersection of the two curves is at (25,20). The point tells the contractor that when the hourly rate is $20, then the number of hours worked will be 25.
So, when the hourly rate is same for both the billings, then the number of hours worked will be 25.
Hence, the correct option is (C).
