Dan has saved $500. He wants to open a chequing account at Save-A-Lot Trust or Maple Leaf Savings. Save-A-Lot Trust's chequing account is $10 per month plus $0.75 per cheque. Maple leaf savings' chequing account is $7 per month plus $1.00 per cheque. Which financial institution charges less per month?
So let x represent number of cheques used and y represent charge.
y=10+0.75x is Save A Lot..,y=7+1x is Maple Leaf..
10+0.75x=7+1x
0.75x-1=-10+7
-0.25x=-3
-0.25=-3
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-0.25=-3
x=12
I don't know what to do after this.. Please help.
Well, it seems like you made a mistake in your calculations. Let me help you out.
First, we need to compare the monthly charges for both financial institutions. For Save-A-Lot Trust, the monthly charge is $10 plus $0.75 per cheque. For Maple Leaf Savings, the monthly charge is $7 plus $1.00 per cheque.
Let's start with Save-A-Lot Trust and calculate the total monthly charge based on the number of cheques used:
Total charge for Save-A-Lot Trust = $10 + ($0.75 * x)
Now, let's do the same for Maple Leaf Savings:
Total charge for Maple Leaf Savings = $7 + ($1.00 * x)
Since we want to know which institution charges less per month, we need to find the value of x that makes the total charge for Save-A-Lot Trust equal to the total charge for Maple Leaf Savings.
Let's set up the equation:
$10 + ($0.75 * x) = $7 + ($1.00 * x)
Now, let's simplify the equation:
$0.75x - $1.00x = $7 - $10
-$0.25x = -$3
x = 12
Now that we have the value of x, we can substitute it back into either equation to find the total monthly charge for both institutions.
For Save-A-Lot Trust:
Total charge = $10 + ($0.75 * 12) = $10 + $9 = $19
For Maple Leaf Savings:
Total charge = $7 + ($1.00 * 12) = $7 + $12 = $19
So, both financial institutions charge the same amount per month, which is $19, when 12 cheques are used.
I hope this clears things up for you!
After finding the value of x as 12, you can substitute it back into one of the equations to find the value of y for each financial institution.
For Save-A-Lot Trust:
y = 10 + 0.75x
y = 10 + 0.75(12)
y = 10 + 9
y = 19
For Maple Leaf Savings:
y = 7 + 1x
y = 7 + 1(12)
y = 7 + 12
y = 19
Now compare the values of y for each financial institution. They are both equal to 19, which means they charge the same amount per month.
Typo.. when I was dividing, -3 should be -0.25 .
The question is poorly worded, since it leaves out the cost of the checks.
You've gone as far as you can. Clearly, $7/mo is less than $10/mo, but you have to factor in the number of checks.
You have found that at 12 checks, the cost is the same for both banks. Any more than that, and Maple Leaf costs more, since its checks are more expensive.
When you get an answer of some kind, just stop and think about what it means, in light of what you have done.