I was wondering if anyone could help me with this three algebra problems, I am trying hard to understand math but am still struggling with assignments. Any help would be greatly appreciated! I will post the three problems below and I was wondering if you could explain/ show me how you got the answer so I could study the problem furtherr , so that I can understand this stuff becuase I will be quizzed on it. Again , any help is GREATLY appreciated!
The three problems I need help with are :
# 14 Suppose that the local sales tax rate is 6% and you purchase a backpack for $24.00.
A--%26gt;How much tax is paid?
B--%26gt; What is the backpacks total cost?
#24 In order to pay for tuition and books, a student borrows $3500 for four months at 10.5% interest.
A--%26gt; How much interest must the student pay?
B--%26gt; Find the future value of the loan鈥? How do you find the future value of a loan/ is there a formula to find it?)
#28 --%26gt; You plan to buy a $12,000 sailboat in four years. How much should you invest now, at 7.5% simple interest, to have enough for the boat in four years. (Round up to the nearest cent).Can anyone help with these three algebra problems? involves simple interest, regular interest, sales tax?
14. 24.00 * .06 = 1.44 is tax paid, total cost is 1.44 + 24.00 = 25.44
24. Same deal. 3500 * .105 = 367.5 = iinterest, future value of loan is fancy pants words for total value of money borrowed after interest is paid which = 3500 + 367.5 = 3867.50.
28. Well this question is tricky, does it state a compound interest (meaning you will make 7.5% on the money saved every year which is how real savings accounts work) or just total interest for the four years as a whole?
I am going to assume the first one because that is how real life works, but it is about 3000 times more difficult than the previous questions. I would ask your teacher how to do the problem, but here is what I got.
We know the interest rate, the final value of the money we need, and the number of years we are going to get interest on our money, we need to find how much to put in right now to get $12000 in 4 years.
x = the amount of money before we add interest.
12000 = (x * .075) + x
subtract the x from both sides and we get
12000 - x = x * .075
We divide both sides by x and we get
(12000/x) - (x/x) = .075
which is the same as
(12000/x) - 1 = .075
Add the 1 to both sides and we get
12000/x = 1.075
Multiply x to both sides of the equation and we get
12000 = 1.075 * x
Finally, we divide each side by 1.075, and we get
12000/1.075 = x = money put into savings = 11162.79
The catch here is that the answer we got is only for one year's interest, so we have to take the number we got, 11162.79, and do the process 3 more times to get 4 years total. Luckily, we can cheat a little bit
11162.79/1.075 = x = money put into savings two years ago
which is 10383.99
10383.99/1.075 = x = money three years ago = 9659.53
9659.53/1.075 = x = money four years ago = 8985.61
Now I don't think that is the answer to the question you have because it is way more complex than the previous two questions so be sure to ask your teacher what the hell he/she wants you to do, but that would be the answer for compound interest for 4 years at a 7.5% interest rate.
Hope this helps, good luck!Can anyone help with these three algebra problems? involves simple interest, regular interest, sales tax?
Why are loan people trying to answer my question? seriously, im not interested in your lifes story and you corporate goals. I will report you . Thanks again to the two people who actually answered my questions. I really appreciate it! Peace and love!
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Can anyone help with these three algebra problems? involves simple interest, regular interest, sales tax?I will answer the questions you really wanted answered.
Edit: STRONG probable Michael did figure the numbers you wanted for 14. I am used to seeing questions that need my style of answer below. Save them for next year. (lol)
But his answer for 24A is wrong (did not compute for 1/3 yr)
?? 14B the ORIGINAL price of the bp is 24/1.06 ie original price + tax
?? 14A tax = [24 - 24/1.06]
24A 3500 x 10.5% annual interest / 12 months in a year x 4 months time = int due
24B the FV is what you will pay the lender at the end of the term (3500 + 24A)
28 you probably mean compounded interest {Google Time Value of Money}, because at simple interest you get the 7.5% interest in cash in your hand at the end of every year {which does not make sense, but} .... P + [(4 yrs x .075) x P] = 1.30P = 12000;
P = 9230.77 if that is what you want.
Present Value of a Future Amount = see excel and plug in. My calculator says 8985.61 so you can cross check your work.
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