Your freinds know you enjoy music so they buy you a gift card for $20.00 to a popular online music provider. Each download costs $1.39. What is the balance on the gift card if toy download as many songs as possible without going over the gift card limit
The maximum number of song downloads you can get with a $20.00 gift card is:
$20.00 / $1.39 per download = 14.38 (rounded down to 14 downloads)
Therefore, if you download 14 songs, the cost would be:
14 downloads x $1.39 per download = $19.46
The balance on the gift card would be:
$20.00 - $19.46 = $0.54
Your parents allow you to borrow a car to get your part time job, but you have to pay for a tank of gas each month. Gasoline costs $2.76/gallon and the tank takes 15 gallons. You have 2 coworkers who are each willing to pay for a quarter of a tank each month to carpool with you to work. How much do you save each month
The cost for a full tank of gas is:
15 gallons x $2.76 per gallon = $41.40
If each of your coworkers pays for a quarter of the tank, they would pay:
1/4 of $41.40 = $10.35 each
Combined, they would pay:
$10.35 + $10.35 = $20.70
This means that you only have to pay:
$41.40 - $20.70 = $20.70
So you save:
$41.40 - $20.70 = $20.70
You owe $1,240.24 on a credit card with a 13.75% APR. you decide to pay $250.00/ month toward paying off the credit card. How much is the difference in the interest paid after one month if you pay at the beginning of the month compared to paying at the end of the month
To calculate the interest paid, we need to first determine the monthly interest rate:
13.75% APR / 12 months = 1.146% monthly interest rate
If you pay at the end of the month, the balance at the beginning of the month accrues interest for the entire month. So, at the end of the month, the interest accrued would be:
$1,240.24 x 1.146% = $14.20
If you pay at the beginning of the month, the interest accrued would be less because you would be paying down the balance earlier. To calculate the interest in that scenario, we need to subtract the payment from the balance and then calculate the interest on the remaining balance.
So, after making the payment of $250.00, the balance would be:
$1,240.24 - $250.00 = $990.24
The interest accrued for the month would then be:
$990.24 x 1.146% = $11.34
The difference in interest paid by paying at the beginning versus the end of the month would be:
$14.20 - $11.34 = $2.86
Therefore, paying at the beginning of the month would result in $2.86 less interest paid after one month compared to paying at the end of the month.
To calculate the balance on the gift card after downloading as many songs as possible without going over the gift card limit, you need to divide the value of the gift card by the cost per download.
In this case, the gift card value is $20.00 and each download costs $1.39. So, you divide $20.00 by $1.39:
$20.00 / $1.39 = 14.388489208633
Since you cannot download a fraction of a song, you need to take the whole number part of the result. Therefore, you can download a maximum of 14 songs.
To find the total cost of downloading 14 songs, you multiply the cost per download by the number of songs:
$1.39 * 14 = $19.46
Finally, to calculate the balance on the gift card, subtract the total cost of the downloaded songs from the initial gift card value:
$20.00 - $19.46 = $0.54
Therefore, the balance on the gift card after downloading as many songs as possible without going over the gift card limit is $0.54.