13. Electronics- Rita charged $126 for a DVD player at an interest rate of 15.9%. How much will Rita pay after two months if she makes no payments?
14. Vacation- The average cost for a vacation is 1,050. If a family borrows money for the vacation at an interest rate of 11.9% for 6 months, what is the total cost of the vacation including the interest in the loan?
So I solved these but i think i got it wrong...
+498 13. Here's the equation for it: 126*.159*2/12
14. Here's the equation:(1050*.119*.5)+1050
SOLVE them
13. Electronics- Rita charged $126 for a DVD player at an interest rate of 15.9%. How much will Rita pay after two months if she makes no payments?
14. Vacation- The average cost for a vacation is 1,050. If a family borrows money for the vacation at an interest rate of 11.9% for 6 months, what is the total cost of the vacation including the interest in the loan?
So I solved these but i think i got it wrong...
13- It all depends how interest is charged. If they charge monthly, then: 126 X .159=$20.03 per year
20.03/12=$1.67 per month X 2=$3.34 total interest for 2 months. So, $126 + $3.34=$129.34.
But, if interest is charged for 60 days, then:20.03/365 X 60=$3.29 + $126=$129.29. Take your pick.
14- 1,050 X .119=124.95 interest for 1 year
($124.95/2) + $1,050=$1,112.48 total cost of the vacation for 6 months.
