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micro7909
26.06.2019 •
Mathematics
Troy is buying a car that costs $15,000. he plans to get a 5-year loan to pay for it. he can get a loan for $15,000 or he can pay $3,000 from his savings account and get a loan for the rest. the savings account pays 2% simple interest per year. the simple interest rate for the loan is 0.5% per year. a) how much interest over a 5-year period will troy receive on his $3,000 if he does not withdraw that money from his savings account? b) how much more interest will he pay to borrow $15,000 than $12,000? why is the $15,000 option reasonable?
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Ответ:
a) $300
b) $75
Step-by-step explanation:
Cost of the Car = $15,000
a) Rate of interest received on savings(r) = 2%
Amount in savings account(p) =$3000
Time period(t) = 5 years
Simple interest =![\frac{P \times R \times t}{100}](/tpl/images/0021/1508/9411f.png)
=![\frac{3000 \times 2 \times 5}{100}](/tpl/images/0021/1508/39a24.png)
= $300
Interest received on savings account = $300
b) Rate of interest on loan = 0.5%
IF P= 15000
Interest =![\frac{15000 \times 0.5 \times 5}{100}](/tpl/images/0021/1508/43928.png)
= $375
If P= $12000
Interest =![\frac{12000 \times 0.5 \times 5}{100}](/tpl/images/0021/1508/350a5.png)
= $300
Difference between the interest = $75
c) Taking loan of the whole amount that is of $15,000 is more reasonable because though the interest is more but Troy will receive interest($300) from his savings account as well. But if he withdraws $3000 from savings and takes the loan for the rest of the amount, he would have no earnings.
Ответ:
d= a=
Step-by-step explanation:
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