Im stuck on these multiply choice questions for math. Please help. It's due tomorrow!!
Question 1- Bob received a credit card statement that has a new balance of $786.75 and a minimum payment of $25.60. Bob makes only the minimum payment. He makes no other purchases. What will be the unpaid balance?
a. $786.75
b. $761.15
c. $812.35
d. $500
Question 2
Eddie is loading Mo $400 to buy a laptop. Eddie charges simple interest at 5%/yr. At the end of 2 years, Mo will repay Eddie. How much will Mo owe?
a. $440
b. $400
c. $40
d. None of the above
Question 3 - Pierre owns a restaurant. He has an overdraft line of credit. Each overdraft transaction cost $7.82, plus interest at 12%/yr. On Wednesday, Pierre had 4 overdraft transactions for $96.54. He paid back the money in 15 d. How much are the transaction fees?
a. $127.82
b. $96.54
c. $7.82
d. $31.28
Question 4 - Billy is a wedding planner. He has saved to buy a tuxedo that costs $651.72 for work. A department store offers a sales promotion where if you have their credit card, you get 3% off your first purchase. Billy got the card and bought the tuxedo. How much did Billy save?
a. $19.43
b. $19.56
c. $19.54
d. $19.55
THANK YOU!
Ignore question #1, #2 and #4 I just solved them myself but number 3 is confusing me... Help?
15 days is 1/24th of a year. So, charge 1/24 of the annual rate.
It also confused me???
Ok. How would I do the question? That's what's confusing me. Am I multiplying something to get my answer?
Is interest charged on the amount of the overdrafts as well as the $7.82 fees?
Yes it is the same. Would I take the 12 percent and multiply it by the $7.82?
The answer would be C? Correct?
It's 12% for the whole year. You only have 15 days.
Sure! Let's go through each question step by step and find the correct answers.
Question 1:
Bob received a credit card statement with a new balance of $786.75 and a minimum payment of $25.60. If Bob makes only the minimum payment and no other purchases, the unpaid balance will be the new balance minus the minimum payment.
To find the unpaid balance:
Unpaid balance = New balance - Minimum payment
Unpaid balance = $786.75 - $25.60
Unpaid balance = $761.15
So, the correct answer is (b) $761.15.
Question 2:
Eddie is lending Mo $400 to buy a laptop. Eddie charges simple interest at 5% per year. At the end of 2 years, Mo will repay Eddie. To calculate the amount Mo will owe, we need to find the interest on the loan first.
Interest = Principal * Rate * Time
Interest = $400 * 5/100 * 2
Interest = $40
Mo will owe the principal ($400) plus the interest ($40) at the end of 2 years.
Amount owed = Principal + Interest
Amount owed = $400 + $40
Amount owed = $440
So, the correct answer is (a) $440.
Question 3:
Pierre owns a restaurant and has an overdraft line of credit. Each overdraft transaction costs $7.82, plus interest at 12% per year. On Wednesday, Pierre had 4 overdraft transactions, each for $96.54. We need to find the total transaction fees.
Total transaction fees = Number of transactions * Transaction fee
Total transaction fees = 4 * $7.82
Total transaction fees = $31.28
So, the correct answer is (d) $31.28.
Question 4:
Billy is a wedding planner who wants to buy a tuxedo costing $651.72. The department store offers a sales promotion where if you have their credit card, you get a 3% discount on your first purchase. To find how much Billy saved, we need to calculate the discount amount.
Discount amount = Purchase price * Discount rate
Discount amount = $651.72 * 3/100
Discount amount = $19.55
So, Billy saved $19.55 on the tuxedo purchase.
The correct answer is (d) $19.55.
I hope this helps you with your math questions! Let me know if you have any further questions.