The fun festival cost $ 5.00 to park your car and $3.75 for each food ticket ( Monday- Thursday) and $ 4.25 for each food ticket
1 answer:
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<h3>Let the number be x</h3>
- Divide the numbers
- Multiply all terms by the same value to eliminate fraction denominators
- Cancel multiplied terms that are in the denominator
- Multiply the numbers
Option C
Monthly loan payment is $ 93.33
<em><u>Solution:</u></em>
From given question,
Cost of sailboat = $ 3000
Down payment = $ 1000
<em><u>Hence net principal is given as:</u></em>
net principal = p = $ 3000 - $ 1000 = $ 2000
p = $ 2000
The bank approved a simple interest flat rate loan for 2 years at 6% APR
Hence number of years = 2 years
Rate of interest = 6 %
<em><u>Let us first calculate the simple interest</u></em>
The formula for simple interest is given as:
Substituting the given values,
Thus simple interest = $ 240
Total amount payable = principal + simple interest
Total amount payable = $ 2000 + $ 240
Total amount payable = $ 2240
<em><u>How much are the monthly loan payments?</u></em>
Here number of years = 2 years
To calculate the monthly payment divide the total amount payable by 24 (since 2 year = 24 months )
Thus monthly loan payment is $ 93.33 Option C is correct