anonymous
  • anonymous
Peter wants to borrow $3,000. He has two payment plans to choose from. Plan A is 4% interest over 6 years. Plan B is 5% interest over 4 years. Using the formula m=p+prt/12t for payment, m, which statement best compares the plans?
Mathematics
schrodinger
  • schrodinger
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anonymous
  • anonymous
Plan A has a monthly payment of about $23 less and a total interest charge of $120 less than plan B. Plan A has a monthly payment of about $23 less and a total interest charge of $120 more than plan B. Plan A has a monthly payment of about $23 more and a total interest charge of $120 more than plan B. Plan A has a monthly payment of about $23 more and a total interest charge of $120 less than plan B.
anonymous
  • anonymous
anonymous
  • anonymous
ok, so plan B cost 600 and plan A cost 720 correct?

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anonymous
  • anonymous
anonymous
  • anonymous
i believe so
anonymous
  • anonymous
ok good
anonymous
  • anonymous
but there are 6 years in plan A and 4 years in plan B
anonymous
  • anonymous
and how many months are in a year @dreamstoogood
anonymous
  • anonymous
12
anonymous
  • anonymous
ok so divide both amounts by 12
anonymous
  • anonymous
anonymous
  • anonymous
600/12=50 720/12=60
anonymous
  • anonymous
no, nvm that was wrong
anonymous
  • anonymous
whats 12x6 and 12x4?
anonymous
  • anonymous
72 and 48

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