Cindy has decided to lease a car. the lease includes a money factor of 0.00354. what interest rate is cindy being charged in her lease?
a. 0.85%
b. 8.5%
c. 1.475%
d. 14.75%

Hello there!

the money factor is a way to present the interest rate, you need to multiply it by 2400 (you also can convert interest rate to money factor by dividing the interest rate by 2400)

In this case, the money factor is 0.00354, then if we want to transform it into the interest rate, we need to multiply it by 2400:

a = 0.00354*2400 = 8.496

if we round it to the tenths place, you can see that the first number after the decimal point is a 4, and the next number is a 9, so we should round up the 4.

then a = 8.5

this means that the interest rate is 8.5%, and the right answer is option b.

step-by-step explanation:

30% of $420 is 0.30($420) = $126 and $420 + $126 = $546.

or, 130% of $420 is 1.3($420) = $546.

notice that this is not the $600 original list price with which we started.

why doesn't this work?

the method does not work because 30% of $420 is not the same amount as the 30% of $600. it may seem obvious when stated this way, but it is a very common error made on problems of this type. we cannot just use the same percent and get back to the original amount because we are taking that percent of a different value.

to work problems of this type correctly, it is generally best to write an equation for the situation and then solve.

example: since (100% – 30%)(original price) = (sale price)

70% of the   (original price) is $420.

0.7x   = 420

equation image indicator

x = 600

the original cost was $600.

we may also solve this problem using the two-step method. working the problem in two steps requires us to use more algebra skills. we have to know that x = 1x (identity property of multiplicationtext annotation indicator) and that 1x – 0.3x = 0.7x (subtracting like terms). then we solve the problem as follows:

(original price) – 30%(original price) = sale price

x – 0.3x = 420

0.7x = $420

equation image indicator

x = 600

the original cost was $600.  

note that with both of the above methods we do obtain the correct original amount.

example: after a 5% pay raise, hermione is earning $22,680 per year. what was she earning before the pay raise?

105% of (original salary) = current salary

1.05x = 22,680

equation image indicator

x = 21,600

hermione earned $21,600 per year before the pay raise.

this is an example so maybe you will get how to at least do it!

a rotation about point l

step-by-step explanation:

quizlet