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30.03.2021 •
Mathematics
A candy store in the mall orders 1000 boxes a month each box of candy weighs 45.9 grams . What is the total weight in grams of the candy in the store
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Ответ:
Total amount to be repay is $ 1604.4
The annual interest rate the company actually charging is 25.40%
Step-by-step explanation:
Given: A radio commercial for a loan company states: “You only pay $0.29 a day for each $500 borrowed.” We have borrowed $1,500 for 120 days.
We have to determine the amount to be repay and the annual interest rate the company actually charging.
UNITARY method is a method in which we first find the value of a single unit and then find the desired value by multiply it with unit value.
Since, we have to pay $0.29 a day for each $500 borrowed.
Thus, when we borrow $1 , we pay![\frac{0.29}{500}](/tpl/images/0200/5802/2340d.png)
So, when $1500 is borrowed , we pay![\frac{0.29}{500}\times 1500=0.87](/tpl/images/0200/5802/8ab43.png)
Thus, for 120 days we pay 0.87 × 120 = $104.4
Thus, total amount to be repay = 1500 + 104.4 = $ 1604.4
and annual interest rate is given by,
We have to find rate
Simple interest = $ 104.4
Principal = $1500
time = 120 days
In year time is![\frac{120}{365}](/tpl/images/0200/5802/7dab3.png)
Substitute, we have,
Simplify, we have,
r = 25.40%
Thus, the annual interest rate the company actually charging is 25.40%