[ Answer ]
[ Explanation ]
- Simplify: -0.8b + 4.1c - (-3.2b) - 0.1c
-----------------------------------
-0.8b + 4.1c + 3.2b - 0.1c
-0.8b + 3.2b + 4.1c - 0.1c
- Add Similar Elements: -0.8b + 3.2b = 2.4b
2.4b + 4.1c - 0.1c
- Add Similar Elements: 4.1c - 0.1c = 4c
2.4b + 4c
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Hi there
First find the monthly payment of each offer to see which monthly payment is lower
The formula of the present value of annuity ordinary is
Pv=pmt [(1-(1+r/k)^(-kn))÷(r/k)]
Pv present value
PMT monthly payment
R interest rate
K compounded monthly 12
N time
Solve the formula for PMT
PMT=pv÷[(1-(1+r/k)^(-kn))÷(r/k)]
Bank F
PMT=16,200÷((1−(1+0.057÷12)^(
−12×8))÷(0.057÷12))
=210.53
Bank G
PMT=16,200÷((1−(1+0.062÷12)^(
−12×7))÷(0.062÷12))
=238.21
From the above the monthly payment of bank f is lower than the bank g
And since the lifetime of bank g is lower than bank f the answer is
b. Yvette should choose Bank F’s loan if she cares more about lower monthly payments, and she should choose Bank G’s loan if she cares more about the lowest lifetime cost.
Good luck!
Hello from MrBillDoesMath!
Answer:
Choice H: , t = 0.99n
Discussion:
Download costs:
1 song: 0.99
2 songs: 0.99 + 0.99 = 2 * 0.99
3 songs: 0.99 + 0.99 + 0.99 = 3 * 0.99
...
n songs: 0.99 + .. 0.99 ( n times) = n * 0.99 = 0.99n
Thank you,
MrB
