Question
9)Mark borrows $27,400 to buy a new car.If the simple interest rate on the car loan is 6.15% and he pays off the loan in
9)Mark borrows $27,400 to buy a new car.If the simple interest rate on the car loan is 6.15% and he pays off the loan in 8 years, how much interest does he pay? Write a complete answer including units.
10) Eleanor paid $41,650 as a down payment for her new home.If the down payment was 17% of the total price of the house, what was the total price of the house?Start by defining the unknown in terms of a variable; then write an equation based on the information given and show all work as you solve the equation.Write a complete answer including units.
11) Bob's annual salary is $74,800.He has been promised a 3.1% merit raise in the year ahead.Find the amount of the raise and the new salary.Show all work and write a complete answer including units.
12)Becky inherits $180,000 and decides to invest part of it in an education account for her daughter and the rest in a CD.If the amount she puts in the education account is $30,000 more than twice the amount she puts in the CD, how much money does Becky invest in each account?Start by defining the unknown quantities in terms of a variable; then write an equation based on the information given and show all work as you solve the equation.Write a complete answer including units.
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