Question

I need help with this practice, Read below then read the picture providedAssume that I am deciding to attend either two community colleges Loris State Community College/ Cost for two year tuition $9,500Marlo State Community College/ Cost for two year tuition $10,500

Answer 1

Solution

Part A

First school

Loris State Community College

Cost for two year tuition $9,500

`\begin{gathered} simple\text{ Interest=}(PRT)/(100) \\ p=9500 \\ r=5\text{ \%} \\ t=15 \\ \\ Simple\text{ interest=}(9500*5*15)/(100)=95*75=7,125 \\ \\ Amount\text{ =P+I} \\ Amount=9500+7125=\text{ \$}16,625 \end{gathered}`

15 years to months

`\begin{gathered} 1year\text{ =12months} \\ 15years=15*12 \\ 15years\text{ =180months} \end{gathered}`

Amount to pay monthly

`(16,625)/(180)=92.36`

You will have to pay $92.36 monthly

Par B

Marlo State Community College/ Cost for two-year tuition $10,500

`\begin{gathered} Simple\text{ interest=}(PRT)/(100) \\ \\ p=10,500 \\ r=5\text{ \%} \\ t=15 \\ Simple\text{ Interest=}(10,500*5*15)/(100) \\ simple\text{ interest =105}*75 \\ Simple\text{ interest =7,875} \\ Amount=P+I \\ Amount=10,500+7,875 \\ Amount\text{ = \$18,375} \end{gathered}`

Now the monthly pay

15years =180months

`(18375)/(180)=102.08`

The monthly pay is $102.08