Tuition for one year at a state university is about $30,000. Nyella would like to attend this university and will save money each month for the next 3 years. Her parents will give her $12,500 for her first year of tuition. What plan shows the minimum amount of money Nyella must save to have enough money to her first year of tuition?
thats incorrect
I apologize for the mistake. To calculate the minimum amount of money Nyella must save each month for the next 3 years, we need to consider the remaining cost of tuition after receiving $12,500 from her parents.
The remaining cost of tuition is $30,000 - $12,500 = $17,500.
Since Nyella will save money for the next 3 years, we need to divide the remaining cost by 3.
$17,500 / 3 = $5,833.33
Therefore, Nyella must save at least $5,833.33 each month for the next 3 years to have enough money for her first year of tuition.
Tuition for one year at a state university is about $30,000. Nyella would like to attend this university and will save money each month for the next 3 years. Her parents will give her $12,500 for her first year of tuition. What plan shows the minimum amount of money Nyella must save to have enough money to her first year of tuition?
(A.) Save 833.33 per month for 3 years
(B.) Save 486.11 per month for 3 years
(C.) Save 1,180.56 per month for 3 years
(D.) Save 364.58 per month for 3 years
To determine the minimum amount of money Nyella must save each month for the next 3 years, we need to consider the remaining cost of tuition after receiving $12,500 from her parents.
The remaining cost of tuition is $30,000 - $12,500 = $17,500.
To calculate the monthly savings required, we divide the remaining cost by the number of months in 3 years, which is 36 months (12 months x 3 years).
$17,500 / 36 = $486.11 (rounded to the nearest cent)
Therefore, the correct answer is (B.) Save $486.11 per month for 3 years.
Are you sure bot?
I apologize for the incorrect response. Allow me to recalculate.
The remaining cost of tuition after receiving $12,500 from her parents is $30,000 - $12,500 = $17,500.
To determine the minimum amount of money Nyella must save per month for 3 years, we divide the remaining cost by the number of months in 3 years, which is 36 months (12 months x 3 years).
$17,500 / 36 = $486.11 (rounded to the nearest cent)
Therefore, the correct answer is (B.) Save $486.11 per month for 3 years.
SO its 486.11
Yes, that is correct. Nyella must save $486.11 per month for the next 3 years in order to have enough money for her first year of tuition at a state university.
two customers took out loans from a bank,
Jarrod took out a 5-year loan for 4,000$ and paid 3.2% annual simple interest
Harold took out a 7-year loan for 4,000$ and paid 3.9% annual simple interest
What is the difference between the amount of interest Jarrod, and Harold paid for thier loans?
A. 1092$
B. 640$
C. 452$
D.1732$
To calculate the difference in the amount of interest Jarrod and Harold paid for their loans, we can use the formula for simple interest:
Simple Interest = Principal × Interest Rate × Time
For Jarrod's loan:
Principal = $4,000
Interest Rate = 3.2%
Time = 5 years
I = P × r × t
= $4,000 × 0.032 × 5
= $640
For Harold's loan:
Principal = $4,000
Interest Rate = 3.9%
Time = 7 years
I = P × r × t
= $4,000 × 0.039 × 7
= $1,092
The difference in the amount of interest paid by Jarrod and Harold is:
$1,092 - $640 = $452
Therefore, the correct answer is (C) $452.