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Chapter 8: Problem 8

In Exercises 1-10, express each fraction as a percent. \(\frac{3}{40}\)

Short Answer

Expert verified
\(\frac{3}{40}\) is equivalent to 7.5%

Step by step solution

01

Understand the Relationship Between Fractions and Percents

A percentage is a way of expressing a number as a fraction of 100. That means, to convert any fraction to a percent, multiply the fraction by 100.
02

Multiplication

Multiply the fraction \(\frac{3}{40}\) by 100. So, in this case, perform the operation: \(\frac{3}{40} \times 100\). The denominator (40) goes into 100 2.5 times, so multiply 3 by 2.5 to get 7.5.
03

Convert to Percentage

The result of the multiplication step is the equivalent percentage. So, \(\frac{3}{40}\) is equivalent to 7.5%.

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Most popular questions from this chapter

How much should you deposit at the end of each month into an IRA that pays \(8.5 \%\) compounded monthly to have \(\$ 4\) million when you retire in 45 years? How much of the \(\$ 4\) million comes from interest?

In Exercises 25-30, round to the nearest dollar. Suppose that you earned a bachelor's degree and now you're teaching high school. The school district offers teachers the opportunity to take a year off to earn a master's degree. To achieve this goal, you deposit \(\$ 2000\) at the end of each year in an annuity that pays \(7.5 \%\) compounded annually. a. How much will you have saved at the end of 5 years? b. Find the interest.

In Exercises 1-10, use $$ P M T=\frac{P\left(\frac{r}{n}\right)}{\left[1-\left(1+\frac{r}{n}\right)^{-n t}\right]} $$ Round answers to the nearest dollar. Suppose that you decide to borrow \(\$ 15,000\) for a new car. You can select one of the following loans, each requiring regular monthly payments: Installment Loan A: three-year loan at \(5.1 \%\) Installment Loan B: five-year loan at \(6.4 \%\). a. Find the monthly payments and the total interest for Loan A. b. Find the monthly payments and the total interest for Loan B. c. Compare the monthly payments and the total interest for the two loans.

Describe what is contained in a credit report.

Suppose that you are buying a car for \(\$ 60,000\), including taxes and license fees. You saved \(\$ 10,000\) for a down payment. The dealer is offering you two incentives: Incentive \(\mathrm{A}\) is \(\$ 5000\) off the price of the car, followed by a five-year loan at \(734 \%\). Incentive \(\mathrm{B}\) does not have a cash rebate, but provides free financing (no interest) over five years. What is the difference in monthly payments between the two offers? Which incentive is the better deal?
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