Will reward hilda took out a 1-year loan for $950 at a computer retailer to be paid back with monthly payments at a 24% apr, compounded monthly. if the loan offers no payments for the first 2 months, about how much in total will hilda pay in interest for the loan? a. $110.03 b. $150.30 c. $38.38 d. $228.00

The EMI formula is :

P = 950

r =

n = 12

Now, putting the values in formula we get

EMI = $90 approx

So, she has to pay a total of dollars

And interest incurred will be = dollars

answer:

payment just for service  

→

$

87.12

payment for service including tax

→

$

94.09

explanation:

service only with 20% tip  

→

$

72.6

(

1

+

20

100

)

=

$

87.12

in the opening of the question the word 'service' is associated only with the pretax value.

the closing part of the question asks: how much did she pay for the  

service

−−−−−−  

so technically the answer is  

→

$

72.6

(

1

+

20

100

)

=

$

87.12

however, the intention of the question provider may have been that your answer is to be  

$

87.12

(

1

+

8

100

)

=

$

94.09

to 2 decimal places.

'

payment just for service  

→

$

87.12

payment for service including tax

→

$

94.09

tony b

mar 21, 2017

answer:

trying to explain it another way

explanation:

service charge  

.

→

$

72.60

20% tip  

20

100

×

$

72.60

=

$

14.52

−−−−−−  

←

add

$

87.12

tax  

8

100

×

$

87.12

=

$

6.97

−−−−−  

←

add

$

94.09

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