1. Rishi ram obtained an installment loan for $3,000.00. He agreed to repay the loan in 6 monthly payments. His monthly payments is $516.50. What is the APR?
MY ANSWER=0.33%
2. Tim Newman took out a simple interest loan of $1500 at a 10 percent interest for 12 months. After 4 payments, the balance is $1100. He pays off the loan when the next payment is due. What is the interest?
MY ANSWER=$9.17
3. Lincoln cook has a check for $667.50 and a check for $126.50. he also has $482 in cash. He would like to receive $25 in cash and deposit the rest of the money into his bank account. What is the total deposit?
MY ANSWER= $1250.75
4. Amanda Sabino's taxable income is $20,900.00. How much will she pay in state tax?
Tax Table-
First $2,000: 2.0% rate
Next $4,000: 3.0% rate
Next $4,000: 4.5% rate
Over $10,000: 6.0% rate
MY ANSWER=$1254
5. Rainfall measured 5.5 inches in June, 4.125 inches in July and 2.75 inches in both august and September. What was the total amount of rainfall for all the months?
MY ANSWER=I am unsure if it is 15.125 or 12.375 because it does not specify if the rainfall for August and September is the total amount, or for each month. Also, am I supposed to round the numbers?
1. I will assume you want simple interest rather than compound interest, judging by the level of the other questions.
amount paid = 6(516.5) = 3099
interest paid = 99
I = PRT
R = I/(PT) = 99/((3000)(.5)) = .066 or 6.6%
How did you get .33% ????
2. This question makes little sense to me
3. deposit = (667.5+126.5+482-25) = $1251
Where did you get the 75 cents from ??
4. taxes = .02(2000) + .03(4000) + .045(4000) + .06(10900)
= 994
5. I would add 5.5+4.125+2.75+2.75
= 15.125
I would round it off to 15.1 , since the least accurate measurement only has one decimal
For question 1:
To find the APR (Annual Percentage Rate) for an installment loan, you can use the Loan Amortization Formula. The formula is:
APR = (Total Interest Paid / Loan Amount) * (12 / Number of Installments) * 100
In this case, the loan amount is $3,000.00 and the number of installments is 6. The monthly payment is $516.50, so the total interest paid can be calculated by multiplying the monthly payment by the number of installments and subtracting the loan amount:
Total Interest Paid = (Monthly Payment * Number of Installments) - Loan Amount
Total Interest Paid = ($516.50 * 6) - $3,000.00
Total Interest Paid = $3,099.00 - $3,000.00
Total Interest Paid = $99.00
Now we can substitute these values into the APR formula:
APR = ($99.00 / $3,000.00) * (12 / 6) * 100
APR = 0.033 * 2 * 100
APR = 0.33%
So, the APR for Rishi Ram's installment loan is 0.33%.
For question 2:
To calculate the interest, we can use the simple interest formula:
Interest = Principal * Rate * Time
In this case, the principal is $1500, the rate is 10%, and the time is 12 months.
Interest = $1500 * 0.10 * 12
Interest = $1500 * 0.10 * 12
Interest = $150
Since Tim Newman pays off the loan after 4 payments, we need to calculate the interest for only the first 4 months:
Interest = $150 * (4/12)
Interest = $50
So, the interest on Tim Newman's loan is $50.
For question 3:
To find the total deposit, you need to add up the value of the checks and the cash that will be deposited:
Total Deposit = Check 1 + Check 2 + Cash - Cash Withdrawal
Total Deposit = $667.50 + $126.50 + $482 - $25
Total Deposit = $650.00
So, the total deposit for Lincoln Cook is $650.00.
For question 4:
To calculate the state tax, you need to use the tax rates provided in the table and apply them to the taxable income.
In this case, the taxable income is $20,900.00.
First $2,000 at 2.0% rate = $2,000 * 0.02 = $40.00
Next $4,000 at 3.0% rate = $4,000 * 0.03 = $120.00
Next $4,000 at 4.5% rate = $4,000 * 0.045 = $180.00
Over $10,000 at 6.0% rate = ($20,900 - $10,000) * 0.06 = $708.00
Total State Tax = $40.00 + $120.00 + $180.00 + $708.00
Total State Tax = $1,048.00
So, Amanda Sabino will pay $1,048.00 in state tax.
For question 5:
To find the total amount of rainfall for all the months, you need to add up the measurements for each month.
Total Rainfall = June + July + August + September
Total Rainfall = 5.5 + 4.125 + 2.75 + 2.75
Total Rainfall = 15.125 inches
So, the total amount of rainfall for all the months is 15.125 inches.
1. To calculate the APR (Annual Percentage Rate), you need to know the loan amount, the monthly payment, and the duration of the loan. In this case, Rishi ram obtained a loan of $3,000.00 with 6 monthly payments of $516.50 each.
To calculate the APR, you can use the following formula:
APR = [(Monthly Payment x Number of Payments) / Loan Amount] x (12 / Number of Payments)
Using the given values, we can substitute them into the formula:
APR = [(516.50 x 6) / 3,000.00] x (12 / 6)
APR = (3,099 / 3,000) x 2
APR = 1.033 x 2
APR = 2.066
Therefore, the APR is 2.066%.
2. To calculate the interest, you need to know the principal (loan amount), the interest rate, and the time period. Tim Newman took out a loan of $1,500.00 at a 10% interest rate for 12 months. After 4 payments, the balance is $1,100.00.
To calculate the interest, you can use the following formula:
Interest = Principal x Interest Rate x Time
Using the given values, we can substitute them into the formula:
Interest = $1,100.00 x 10% x (12 - 4) / 12
Interest = $1,100.00 x 10% x 8 / 12
Interest = $88.00
Therefore, the interest is $88.00.
3. To calculate the total deposit, you need to add up the amounts of the checks and the cash that Lincoln has. Lincoln has a check for $667.50, a check for $126.50, and $482 in cash. He wants to receive $25 in cash and deposit the rest into his bank account.
Total Deposit = (Check 1 + Check 2 + Cash) - Cash Withdrawal
Substituting the given values:
Total Deposit = ($667.50 + $126.50 + $482) - $25
Total Deposit = $1,276
Therefore, the total deposit is $1,276.
4. To calculate the state tax, you need to determine the taxable income and refer to the tax table given. Amanda Sabino's taxable income is $20,900.00.
Based on the tax table:
Tax on First $2,000 = $2,000 x 2.0% = $40.00
Tax on Next $4,000 = $4,000 x 3.0% = $120.00
Tax on Next $4,000 = $4,000 x 4.5% = $180.00
Tax on Remaining Amount = ($20,900 - $2,000 - $4,000 - $4,000) x 6.0% = $10,900 x 6.0% = $654.00
Total State Tax = $40.00 + $120.00 + $180.00 + $654.00 = $994.00
Therefore, Amanda Sabino will pay $994.00 in state tax.
5. To calculate the total amount of rainfall for all the months, you need to add up the rainfall measurements for each month. The measurements given are 5.5 inches in June, 4.125 inches in July, and 2.75 inches in both August and September.
Total Rainfall = 5.5 + 4.125 + 2.75 + 2.75 = 15.125 inches
Therefore, the total amount of rainfall for all the months is 15.125 inches.