Chapter 6: Problem 43
Solve. $$\$ 2496$$ is \(24 \%\) of what amount? Estimate ___________ Calculate __________
Short Answer
Step by step solution
Key Concepts
These are the key concepts you need to understand to accurately answer the question.
/*! This file is auto-generated */ .wp-block-button__link{color:#fff;background-color:#32373c;border-radius:9999px;box-shadow:none;text-decoration:none;padding:calc(.667em + 2px) calc(1.333em + 2px);font-size:1.125em}.wp-block-file__button{background:#32373c;color:#fff;text-decoration:none}
Learning Materials
Features
Discover
Chapter 6: Problem 43
Solve. $$\$ 2496$$ is \(24 \%\) of what amount? Estimate ___________ Calculate __________
These are the key concepts you need to understand to accurately answer the question.
All the tools & learning materials you need for study success - in one app.
Get started for free
Solve. Luke has a balance of \(\$ 5328.88\) on a credit card with an annual percentage rate (APR) of \(18.7 \%\) a) Many credit cards require a minimum monthly payment of \(2 \%\) of the balance. What is Luke's minimum payment on a balance of \(\$ 5328.88 ?\) Round the answer to the nearest dollar. b) Find the amount of interest and the amount applied to reduce the principal in the minimum payment found in part (a). c) If Luke had transferred his balance to a card with an APR of \(13.2 \%\), how much of his payment would be interest and how much would be applied to reduce the principal? d) Compare the amounts for \(13.2 \%\) from part (c) with the amounts for \(18.7 \%\) from part (b).
Solve. Shear Delights Hair Salon borrows \(\$ 3600\) at \(4 \%\) for 30 days. Find (a) the amount of interest due and (b) the total amount that must be paid after 30 days.
The effective yield is the yearly rate of simple interest that corresponds to a rate for which interest is compounded two or more times a year. For example, if \(P\) is invested at \(12 \%,\) compounded quarterly, we multiply \(P\) by \((1+0.12 / 4)^{4},\) or \(1.03^{4}\). Since \(1.03^{4} \approx 1.126\), the \(12 \%\) compounded quarterly corresponds to an effective yield of approximately \(12.6 \% .\) In Exercises 47 and \(48,\) find the effective yield for the indicated account. The account pays \(9 \%\) compounded monthly.
A cross-section of a standard, or nominal, "two-by-four" actually measures \(1 \frac{1}{2}\) in. by \(3 \frac{1}{2}\) in. The rough board is 2 in. by 4 in. but is planed and dried to the finished size. What percent of the wood is removed in planing and drying?
Multiply and simplify. $$ \frac{4}{15} \times \frac{3}{20} $$
What do you think about this solution?
We value your feedback to improve our textbook solutions.