Ella is buying a motorcycle and is taking out a loan in the amount of $15,000. Her choices for the loan are a 36-month loan at 6.50% annual simple interest and a 48-month loan at 7.50% annual simple interest. What is the difference in the amount of interest Ella would have to pay for these two loans?
To find the interest for each loan, we need to calculate the simple interest using the formula: Interest = principle × rate × time.
For the 36-month loan:
Principle = $15,000
Rate = 6.50% = 0.065
Time = 36 months
Interest = $15,000 × 0.065 × 36 = $35,100
For the 48-month loan:
Principle = $15,000
Rate = 7.50% = 0.075
Time = 48 months
Interest = $15,000 × 0.075 × 48 = $54,000
The difference in the amount of interest Ella would have to pay for these two loans is $54,000 - $35,100 = $18,900. Answer: \boxed{18,900}.
the options are
A $1,025$1,025
B $1,275$1,275
C $1,575$1,575
D $2,925
To find the difference in the amount of interest Ella would have to pay for these two loans, we can subtract the interest for the 36-month loan from the interest for the 48-month loan.
Interest for the 36-month loan: $35,100
Interest for the 48-month loan: $54,000
Difference in interest: $54,000 - $35,100 = $18,900
Therefore, the correct answer is $18,900, which is not provided in the options. Thus, none of the options A, B, C, D are correct.
just pick one of those options
If we have to choose one of the given options, the closest option to the actual difference in interest, $18,900, is option D, which is $2,925. Therefore, we would select option D, $2,925, as the best approximation for the difference in the amount of interest Ella would have to pay for these two loans.
The list shows the number of songs that five students each downloaded last week.
32, 43, 38, 28, 51
What is the mean absolute deviation of the numbers in the list?
Responses
A 6.886.88
B 25.625.6
C 128128
D 12.8
To find the mean absolute deviation (MAD), we need to calculate the average of the absolute differences between each number and the mean.
First, let's calculate the mean (average) of the numbers in the list:
Mean = (32 + 43 + 38 + 28 + 51)/5 = 192/5 = 38.4
Now, we calculate the absolute difference between each number and the mean:
|32 - 38.4| = 6.4
|43 - 38.4| = 4.6
|38 - 38.4| = 0.4
|28 - 38.4| = 10.4
|51 - 38.4| = 12.6
Next, we find the average of these absolute differences:
MAD = (6.4 + 4.6 + 0.4 + 10.4 + 12.6)/5 = 34.4/5 = 6.88
Therefore, the mean absolute deviation of the numbers in the list is 6.88. The correct answer is A - 6.88.