Question: hello could someone help me answer these two questions?? MATH 208 Midterm Examination March 2015 P e 2 of 2 -_____________ag____ [6+4] 3.. (A) A

hello could someone help me answer these two questions??

hello could someone help me answer these two questions?? MATH 208 Midterm

MATH 208 Midterm Examination March 2015 P e 2 of 2 -_____________ag____ [6+4] 3.. (A) A person borrows $3,600 and agrees to repay the loan in monthly installments over a period of 3 years. The agreement is to pay 1% of the unpaid balance each month for using the money and $100 each month to reduce the loan. What is the total cost of the loan over the 3 years? (B) Due to reduced taxes, 5. person has an extra $1,200 in spendable income. If we assume that the person spends 65% of this on consumer goods, and the producers of these goods in turn spend 65% on consumer goods, and that this process continues indenitely, what is the total amount spend (to the nearest dollar) on consumer goods? [5+5] 4. George nds a. company that charges 059$ per day for each $1,000 borrowed. If he borrows $3,000 for 60 days, what amount will he repay, and what annual simple interest rate will he be paying the company

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!