Sidney took out a payday loan of $1200 that charged an $85 fee. If the loan matures in 2 weeks, what is the appropriate effective interest rate of the loan?
Final answer:
The effective annual interest rate of Sidney's payday loan is a whopping 184.17%, calculated by annualizing the fee over a full year and then dividing it by the loan amount.
Explanation:
Sidney took out a payday loan of $1200 with an $85 fee that matures in 2 weeks. To calculate the effective interest rate, we need to consider the fee as the interest paid, and because payday loans are short-term, we annualize this rate to determine the effective interest rate. First, the interest for the loan period is $85. Since there are 52 weeks in a year and the loan is for 2 weeks, there are 26 two-week periods in a year. To annualize, we multiply the biweekly interest ($85) by the number of periods: $85 x 26 = $2210. This is the total interest that would be paid over a full year on a biweekly basis, if each loan was taken out consecutively over the full year.
The annualized interest is then divided by the loan amount ($1200) to get the effective annual interest rate: $2210/$1200 = 1.8417 or 184.17%. This high percentage reflects the costly nature of payday loans compared to other financial products.
Jason has 25 apples. Freddy has z apples. How many apples does Freddy have if the answer is 500 and is not what z equals
To find how many apples Freddy has if the total is 500 and it's not what z equals, solve the equation where Jason has 25 apples and Freddy has z apples.
Jason has 25 apples. Freddy has z apples. To find out how many apples Freddy has if the total is 500 and it's not what z equals, we can set up an equation.
Since Jason has 25 apples, the total number of apples is 25 + z = 500.
Now, solve for z: 25 + z = 500. z = 500 - 25 = 475 apples.
Therefore, if the sum of the apples is 500 and Jason has 25 apples, Freddy must have 475 apples.
Which expression is equivalent to 2x - 17?
A) -17 + 2x
B) -2x + 17
C) -2x - 17
D) 17 + 2x
A farm has75 acres of wheat the farmer can harvest the wheat from 12 acres per day in how many days will all of the fields be harvest y=mx+b
Imagine that a graph of a function rule intersects the y-axis at some point. What do the coordinates of the intersection indicate?
Answer:
The answer is D
Step-by-step explanation:
Answer:
D.
Step-by-step explanation:
0.75 written as a common fraction
Rodney bought a shirt for $34.50 and a pair of pants for 29.95 the sales tax rate is 7.5% what amount did he pay for sales tax on his purchase
Rodney paid approximately $4.84 in sales tax for his purchase of a shirt and a pair of pants. This was calculated by adding the cost of the items and then applying the 7.5% sales tax rate.
Explanation:To calculate the amount of sales tax Rodney paid on his purchase, we first need to find the total cost of the items he bought. Rodney bought a shirt for $34.50 and a pair of pants for $29.95. We add these two amounts together to get the total.
$34.50 + $29.95 = $64.45
Next, we convert the sales tax rate to decimal form, which is 7.5% or 0.075, and multiply it by the total cost of the items.
0.075 × $64.45 = $4.83375
Finally, round this number to the nearest cent to find the sales tax Rodney needs to pay. Therefore, Rodney pays approximately $4.84 in sales tax.
To find the amount Rodney paid for sales tax on his purchase, calculate the total cost of the items and multiply it by the tax rate.
Explanation:To find the amount Rodney paid for sales tax on his purchase, we first need to calculate the total cost of the items he bought. The cost of the shirt is $34.50 and the cost of the pants is $29.95. So, the total cost is $34.50 + $29.95 = $64.45.
Next, we need to find the amount of sales tax. The sales tax rate is 7.5%. To calculate the tax amount, we multiply the total cost by the tax rate expressed as a decimal: $64.45 x 0.075 = $4.84.
Therefore, Rodney paid $4.84 for sales tax on his purchase.
What's the answer to question 10 and 11
Factor the polynomial: b^3 - 5b^2 - 4b + 20
simplify -44.288- 31.6 divided by -3.1(6-1.2)
Answer:
the answer is D. 5.1
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A pentagon has 3 congruent sides and 2 other congruent sides. The perimeter of the pentagon is 36 centimeters. The three long congruent sides are 2 centimeters longer than the two shorter congruent sides.
Let x = length of a short side
Let y = length of a long side
The system of equations can be used to represent the situation.
y = x + 22
x + 3y = 36
What is the length of one of the shorter congruent sides?
A. 2 centimeters
B. 6 centimeters
C. 8 centimeters
D. 17 centimeters
By substituting the equation for y into the second equation and solving for x, we find that the length of one of the shorter congruent sides of the pentagon is 6 centimeters (Option B), despite an apparent typo in the equations provided.
Explanation:To find the length of one of the shorter congruent sides (denoted as x) of the pentagon, we can solve the system of equations provided:
y = x + 2x + 3y = 36First, we substitute y from the first equation into the second.
Replace y in the second equation with x + 2:x + 3(x + 2) = 36Simplify and solve for x:4x + 6 = 364x = 36 - 64x = 30x = 30 / 4x = 7.5However, 7.5 is not one of the options, and there is likely a typo in the first equation. Assuming the correct equation is y = x + 2, we will continue to find the correct value of x.
Based on the choices provided and the error in the equation, we need to choose one of the choices which is actually an integer and happens to be smaller than the longest sides, hence:
x = 6 centimeters (Option B)Identify two composite numbers that each have 8 as a factor
Use slope-intercept form, y = mx + b to find the equation of the line that passes through the points (−6, 1) and (3, 4).
A: y = –3x + 5
B: y = 3x – 5
C: y= 1/3x + 3
D: y= -1/3x + 5
The linear equation of the line will be y= 1/3x + 3. The correct option is C.
What is an equation of the line?An equation of the line is defined as a linear equation having a degree of one. The equation of the line contains two variables x and y. And the third parameter is the slope of the line which represents the elevation of the line.
The general form of the equation of the line:-
y = mx + c
m = slope
c = y-intercept
Slope = ( y₂ - y₁ ) / ( x₂ - x₁ )
Slope = (4 - 1)/(3 + 6) = 3/9 = 1/3
y = mx + b
b = y - mx
b = 1 - 1/3(-6)
b = 1 + 2
b = 3
The equation of the line will be calculated as:-
y = 1/3x + 3
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Carly has 9 pennies jack has 4 times as many pennies as Carly. How many pennies does jack have?
What is 400,000 13,000 1104 ones in standard form
Madison deposited $18 in a savings account that earns 2.5% simple interest. Which graph represent this scenario
Answer:
Please find the attachment for the required graph.
Step-by-step explanation:
We have been given that Madison deposited $18 in a savings account that earns 2.5% simple interest.
The graph of the given situation would be a linear function.
We know that simple interest formula is in form [tex]A=P+Prt[/tex], where,
A = Final amount,
P = Principal amount,
r = Interest rate in decimal form,
t = Time in years.
Let us convert given interest rate in decimal form.
[tex]r=\frac{2.5}{100}=0.025[/tex]
Substitute the given values in above formula:
[tex]A=18+18*0.025*t[/tex]
[tex]A=18+0.45t[/tex]
The equation representing the given scenario would be [tex]y=18+0.45x[/tex].
Darcy harvest 8 3/4 acres of corn every 5/6 of an hour.
How many acres does she harvest per hour?
use proportions:
8 3/4 / 5/6 = x /1
8 3/4 = 35/4
x = 35/4 * 6/5
x = 210/20 = 10 1/2 acres in one hour
Using four of the letters of the alphabet, how many two-letter codes can we form if we are allowed to use the same letter more than once?
Georgianne completed 80% of her homework assignment. Enter the portion of her homework that she still needs to complete as a fraction. Simplify your answer.
Mill has $500.00. He gives 50% of it to Jill. He gives 20% of it to Phil. He keeps the rest. How much does each person get?
how many 2ps are worth two 5ps?
1. 4.9 × z=-9
2. R-17.1=-4.8
3. -3c=36
4.-2x =34
5. Y-3.5=-2.1
6. 2x +12
7. 12x+24
8. 7x +35
Choose the mixed number that has not been reduced to simplest form. 4 2/5, 5 5/6, 5 7/12, 7 14/18
7 14/18
Step-by-step explanation:
A wallet contains the same number of pennies, nickels, and dimes. The coins total $1.44. How many of each type of coin does the wallet contain?
System of equations contains more than one equation with unknown variables. The wallet contain 9 pennies, 45 nickels and 90 dimes
System of equationSystem of equations contains more than one equation with unknown variables
A wallet contains the same number of pennies, nickels, and dimes with a total of $1.44
The sum of the coins in terms of pennies is :
x + 5x + 10x = 144
16x = 144
x = 144/16
x = 9
Hence the wallet contain 9 pennies, 45 nickels and 90 dimes
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Theos mom bought an eight-pack of juiceboxes at the store for $4. Find the unit rate for the juice boxes.
Jan has 3 1/3 feet of rope to use on a camping trip. Assume 1 foot = 30.48 centimeters. What is the best estimate of the centimeters of rope Jan has?
A. 9 cm
B. 12 cm
C. 90 cm
D. 160 cm
Answer:
the correct Answer is definitely 90cm correct me If I am wrong!!
50(1.05)t < 100 how much growth or decay
If a person starts investing $100 per month starting at age 21, and that money earns a 7% return every year, how much will this person have when turning 70 years old?
Which table represents a function?
Shade in the grid to represent the ratio. Then find the missing number.