For Exercises 29-48, use a variation model to solve for the unknown value. The amount of simple interest owed on a loan varies jointly as the amount of principal borrowed and the amount of time the money is borrowed. If $4000 in principal results in $480 in interest in 2 yr, determine how much interest will be owed on $6000 in 4 yr.
For Exercises 29-48, use a variation model to solve for the unknown value. The amount of simple interest owed on a loan varies jointly as the amount of principal borrowed and the amount of time the money is borrowed. If $4000 in principal results in $480 in interest in 2 yr, determine how much interest will be owed on $6000 in 4 yr.
Solution Summary: The author calculates the interest owed on 6000, if it varies jointly as the principal borrowed and the amount of time the money is invested.
For Exercises 29-48, use a variation model to solve for the unknown value.
The amount of simple interest owed on a loan varies jointly as the amount of principal borrowed and the amount of time the money is borrowed. If
$4000
in principal results in
$480
in interest in 2 yr, determine how much interest will be owed on
$6000
in 4 yr.
Bank A will pay 4.2%, compounded annually, on a savings account. Bank B, a competitor, offers monthly compounding on savings accounts. What is the minimum annual interest rate that Bank B needs to pay to make
its annual yield exceed that of Bank A?
Write an equation that can be solved to find the unknown rate. Use P for the principal, t for the time, and r for the unknown rate.
A Problem Solving Approach To Mathematics For Elementary School Teachers (13th Edition)
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