Solution: We are given:
ACT scores follow normal distribution with
SAT scores follow normal distribution with
Now, let's find the z score corresponding to Joe's SAT score 1351.
Therefore, Joe's SAT score is 1.56 standard deviations above the mean.
Now, we have find the Joe's ACT score, which will be 1.56 standard deviations above the mean.
Therefore, we have:
Therefore, Joe's equivalent ACT score to SAT score 1351 is 28.4
It will take them approximately 3 months to pay off the balance on the credit card
<h3 /><h3>First Month</h3>To solve this problem, we need to find the interest on 3287.90 at 14.5%
for the first month, we would have
Now we divide this by 12 to give the interest payable on the first month
So we have
We would do the same thing for the second month and it will give us
For the second month, we have $25.71 as the interest payable
We can calculate how much would be left after the second month.
In the third month, since the balance remaining is less than the monthly payment schedule, we can assume they'd pay everything off which is 953.34.
From the calculations above, we can see that it'll take them 3 months to pay off the credit card balance.
The balance at the end of each month are;
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