Ginger earns $18,500 annually and has 22% of her gross earnings
withheld. What is the net amount of her paycheck each pay period if
she is paid biweekly?
2)Zack deposited $1,200 in a savings account that paid 7.75% simple
interest. What was the balance in his account at the beginning of the
third year?
3)Adam borrowed $1,200 for 18 months at 11.5% simple interest under an
add-on plan. What was his monthly payment?
1)
18,500 * 0.22 = 4,070
18,500 - 4,070 = 14,430
14,430 / 26 = ?
2)
1,200 * 0.075 = x
3x + 1,200 = ?
3)
What do you think?
for the secound question i did the same but the answer was wronn??
its
1,200 * 0.075 = x
3x + 1,200 =
i had 1470
1200*0.075=90
3*90+ 1200=1470
I get the same answer, $1470, for the second problem.
i had a small test and i put that down and than on my test it said its wrong i don't know y?so i wanted to see if i did something wrong.
To answer these questions, we need to understand the formulas for calculating net earnings, interest, and monthly payments.
1) To calculate the net amount of Ginger's paycheck each pay period, we first need to determine the amount withheld from her gross earnings. We can find this by multiplying her gross earnings by the withholding percentage:
Amount withheld = Gross earnings x Withholding percentage
Net amount = Gross earnings - Amount withheld
Using this formula, we can calculate:
Amount withheld = $18,500 x 0.22 = $4,070
Net amount = $18,500 - $4,070 = $14,430
Therefore, Ginger's net amount of her paycheck each pay period is $14,430.
2) To find the balance in Zack's savings account at the beginning of the third year, we need to calculate the interest and add it to the initial deposit.
Interest = Initial deposit x Interest rate
Balance = Initial deposit + Interest
Using this formula, we can calculate:
Interest = $1,200 x 0.0775 = $93
Balance = $1,200 + $93 = $1,293
Therefore, the balance in Zack's account at the beginning of the third year is $1,293.
3) To determine Adam's monthly payment, we can use the formula for add-on interest:
Monthly payment = Total loan amount / Total number of payments
Total loan amount = Principal + (Principal x Interest rate x Number of years)
Using this formula, we can calculate:
Total loan amount = $1,200 + ($1,200 x 0.115 x 1.5) = $1,437
Monthly payment = $1,437 / 18 = $79.83
Therefore, Adam's monthly payment is $79.83.