I need help with my money/word problems (i have 4).
the 1st one is "Jimmy earns a 5 1/2% commission. Find his commission on sales of $5,000"
the 2nd one is "The Washington family used 1,230 kw-hr of electricity one month. their rate is 7.5c per kw-hr. find the amount of their electric bill"
my 3rd is "an 18-ounce jar of peanut butter costs $3.20. find the unit price to the nearest tenth of one cent"
and the last is "Lane davis borrowed $7,000 for 2 years at the rate of 12%. find the amount of his simple interest".
#1. commission is 0.055 * $5000 = $_____
#2. bill = rate * kWh = 0.075$/kWh * 1230kWh = $______
#3. unit price is $/oz, so $3.20/18oz = $0.178/oz
#4. the interest is charged each year, so 7000 * 0.12*2) = _____
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Sure! I can help you with your money/word problems. Let's start with each problem step by step:
1) "Jimmy earns a 5 1/2% commission. Find his commission on sales of $5,000."
To find Jimmy's commission, you need to calculate 5 1/2% of $5,000.
Step 1: Convert the percentage to decimal form by dividing it by 100: 5 1/2% = 5.5/100 = 0.055.
Step 2: Multiply the decimal by the sales amount: 0.055 * $5,000 = $275.
Therefore, Jimmy's commission on sales of $5,000 is $275.
2) "The Washington family used 1,230 kw-hr of electricity one month. Their rate is 7.5c per kw-hr. Find the amount of their electric bill."
To find the electric bill, you need to calculate the total cost of the electricity used.
Step 1: Multiply the electricity usage (1,230 kw-hr) by the rate (7.5 cents-per-kw-hr) to get the total cost:
1,230 * $0.075 = $92.25.
Therefore, the Washington family's electric bill for the month is $92.25.
3) "An 18-ounce jar of peanut butter costs $3.20. Find the unit price to the nearest tenth of one cent."
To find the unit price, you need to calculate the price per ounce.
Step 1: Divide the total price ($3.20) by the number of ounces (18):
$3.20 / 18 = $0.1778 (rounded to four decimal places).
Step 2: Convert the decimal to the nearest tenth of one cent by multiplying by 10 and rounding to the nearest whole number:
$0.1778 * 10 = 1.778.
Therefore, the unit price of the peanut butter, rounded to the nearest tenth of one cent, is 1.8 cents.
4) "Lane Davis borrowed $7,000 for 2 years at the rate of 12%. Find the amount of his simple interest."
To find the simple interest paid by Lane Davis, you need to use the formula:
Interest = (Principal * Rate * Time).
Step 1: Convert the percentage to decimal form by dividing it by 100: 12/100 = 0.12.
Step 2: Plug the values into the formula:
Interest = ($7,000 * 0.12 * 2) = $1,680.
Therefore, the amount of interest Lane Davis will pay over the 2 years is $1,680.
I hope these explanations were helpful to you!