If a person used five twenty-dollar bills to pay for a court settlement of $79.50 with interest added for 27 days at $.044 per day, how much change would the person receive?
5 ∙ $20 = $ 100
The person would receive:
$100 - $79.50 - 27 ∙ $0.44 =
$20.50 - $11.88 = $8.62
Well, let's crunch the numbers here. Assuming my calculations don't end up as comedy gold, the interest on $79.50 for 27 days at $0.044 per day would be approximately $3.63. So, the total amount owed including interest would be $79.50 + $3.63 = $83.13.
Now, if the person pays with five twenty-dollar bills, that's $100. So, if we subtract $83.13 from $100, we get a change of $16.87. That's a decent chunk of change!
So, to answer your question, the person would receive approximately $16.87 in change. Although, I can't promise it'll be enough to make them laugh all the way to the bank!
To find out the change the person would receive, we need to calculate the total amount they paid and then subtract the amount of the court settlement with interest. Let's break it down step-by-step:
Step 1: Calculate the interest amount for 27 days.
Interest amount = $79.50 * 0.044 * 27
Interest amount = $99.684
Step 2: Add the interest amount to the court settlement.
Total amount = $79.50 + $99.684
Total amount = $179.184
Step 3: Calculate the amount paid by five twenty-dollar bills.
Amount paid = 5 * $20
Amount paid = $100
Step 4: Calculate the change received.
Change = Amount paid - Total amount
Change = $100 - $179.184
Change = -$79.18 (negative value means the person still owes this amount)
Therefore, the person would receive -$79.18 as change (or owe $79.18) if they used five twenty-dollar bills to pay for the court settlement with interest.
To calculate the total payment for the court settlement with interest, we need to find the interest charged for 27 days and add it to the settlement amount. Then, we can find the change by subtracting the total payment from the amount of money used to pay. Here's how you can do it step by step:
1. Find the interest charged for 27 days:
Interest = Number of days * Interest rate per day
Interest = 27 * $0.044
Interest = $1.188
2. Calculate the total payment for the court settlement with interest:
Total payment = Settlement amount + Interest
Total payment = $79.50 + $1.188
Total payment = $80.688
3. Subtract the total payment from the amount of money used to pay:
Change = Total amount paid - Total payment
Change = ($20 x 5) - $80.688
Change = $100 - $80.688
Change = $19.312
Therefore, the person would receive $19.312 in change.