Melanie is looking for a loan. she is willing to pay no more than an effective rate of 9.955% annually. which, if any, of the following loans meet melanie’s criteria?

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Below are the options:

Loan A: 9.265% nominal rate, compounded weekly
Loan B: 9.442% nominal rate, compounded monthly
Loan C: 9.719% nominal rate, compounded quarterly
Answers:
a. B only

b. A and C 

c. A and B

d. None of these fit Melanie’s criteria.

The answer is A. 

The average loss per acre is

The average loss per acre = difference in bushels harvested last year and this year ÷ total number of acres

÷ 3

In order to solve this question, the mixed number has to be changed to an improper fraction.

Steps to take :  

1.Multiply the whole number by the denominator ( 4 x 21 = 84)

2.Add the numerator to the answer gotten in the previous step (84 + 1 = 85)

3.divide the number gotten in the previous step by the denominator (85/4)

÷ 3

= × = =

A similar question has been solved here: link