Jefferson stops by a fast-food restaurant for a $3.50 cheeseburger every day. If he only ate at home and eliminated this cost, how much could he save after 10 weeks?(1 point) $____
The most immediate threat to your finances from playing online video games is losing track of microtransactions while playing online.
To calculate the amount of money Jefferson could save after 10 weeks by not buying a $3.50 cheeseburger every day, we need to calculate how much he spends on cheeseburgers in 10 weeks and then subtract that amount from the total saved.
Since there are 7 days in a week, Jefferson buys a $3.50 cheeseburger 7 * 10 = <<7*10=70>>70 times in 10 weeks.
So he spends 70 * $3.50 = $<<70*3.5=245>>245 on cheeseburgers in 10 weeks.
Therefore, Jefferson could save $245 if he ate at home instead of buying cheeseburgers every day. Answer: \boxed{245}.
Analyzing the situation for financial responsibility, what is the most immediate threat to your finances from playing online video games?(1 point) Responses downloading an expensive game downloading an expensive game neglecting your studies neglecting your studies spending too much time playing spending too much time playing losing track of microtransactions while playing online
Determine the accrued interest and the final amount of a $10,000 investment with a 4.75% simple interest rate over a period of 13 years. Round the answers to two decimal places as needed.
The accrued interest is $____ and the final amount of the investment is $____.
To calculate the accrued interest for a simple interest investment, we can use the formula:
Accrued Interest = Principal * Interest Rate * Time
Given that the principal is $10,000, the interest rate is 4.75%, and the time period is 13 years, we can plug in these values to get the accrued interest:
Accrued Interest = $10,000 * 0.0475 * 13 = $6,175
Therefore, the accrued interest is $6,175.
To calculate the final amount of the investment, we can use the formula:
Final Amount = Principal + Accrued Interest
Plugging in the values, we get:
Final Amount = $10,000 + $6,175 = $16,175
Therefore, the final amount of the investment is $16,175. Answer:
The accrued interest is $6,175 and the final amount of the investment is $16,175.
When Martin was born, his father set up a $5,000 college fund for him with an annual compound interest rate of 7.3%. What is the final amount of this college fund, and how much interest is gained if this fund is invested for 18 years if interest is compounded monthly? Round the answers to two decimal places as needed.
The final amount of the college fund is $____, and the amount of interest gained is $____.
Angel wants to invest $7,000 for 3 years. He has two investing options. Option 1: Investing with a 15% simple interest rate. Option 2: Investing with a 12% compound interest rate, with interest being compounded quarterly. Find the difference in interest earnings to help Angel determine which investing option will give more financial returns.
The difference in interest earnings is $____, and option ____ is the better investing option.
To find the difference in interest earnings between the two options, we need to calculate the interest earned for each option and then subtract the interest earned from Option 1 from the interest earned from Option 2.
Option 1:
Interest = Principal * Interest Rate * Time
Interest = $7,000 * 0.15 * 3 = $3,150
Option 2:
To calculate compound interest, we can use the formula:
Final Amount = Principal * (1 + Interest Rate/n)^(n * Time), where n is the number of times interest is compounded per year.
Since interest is compounded quarterly, n = 4.
Final Amount = $7,000 * (1 + (0.12 / 4))^(4 * 3)
Final Amount = $7,000 * (1 + 0.03)^12
Final Amount ≈ $7,000 * 1.03^12 ≈ $7,000 * 1.425742 ≈ $9,980.19
Interest Earned = Final Amount - Principal = $9,980.19 - $7,000 = $2,980.19
Difference in Interest Earnings = Interest Earned from Option 2 - Interest Earned from Option 1
Difference in Interest Earnings = $2,980.19 - $3,150 = -$169.81
The negative value -$169.81 indicates that Option 2 has a lower interest earning compared to Option 1.
Therefore, the difference in interest earnings is -$169.81, and Option 1 is the better investing option.
A student with a $33,500 student loan is offered two payment plans to repay their debt. Plan 1: Monthly payment of $361.91 over a period of 10 years, which corresponds to a compound interest rate of 5.4% compounded monthly. Plan 2: Monthly payment of $473.49 over a period of 7 years, which corresponds to a compound interest rate of 5.0% compounded monthly. Determine which plan offers the student a lower cost of credit. Find the lower credit cost. Round the answer to two decimal places as needed.
Plan _ offers the lower cost of credit, which is $____.
To determine which plan offers a lower cost of credit, we need to calculate the total repayment amount for each plan and compare them.
For Plan 1:
Monthly payment: $361.91
Number of payments: 10 years * 12 months/year = 120 payments
Using the formula for the future value of an ordinary annuity, we can calculate the total repayment amount for Plan 1:
Total Repayment = Monthly Payment * Number of Payments = $361.91 * 120 = $43,429.20
For Plan 2:
Monthly payment: $473.49
Number of payments: 7 years * 12 months/year = 84 payments
Using the same formula for the future value of an ordinary annuity, we can calculate the total repayment amount for Plan 2:
Total Repayment = Monthly Payment * Number of Payments = $473.49 * 84 = $39,805.16
Now, we can compare the total repayment amounts:
Plan 1: $43,429.20
Plan 2: $39,805.16
As we can see, Plan 2 offers a lower total repayment amount. Therefore, Plan 2 offers the student a lower cost of credit.
The lower cost of credit is $39,805.16 (rounded to two decimal places). Answer:
Plan 2 offers the lower cost of credit, which is $39,805.16.