Question

11.) Jim took out a loan for $500. Therate is 8%: How much does Jim owein interest if he pays it back in 4%years? $ ?

Answer 1

A)This is a question on simple interest

Step 1

write out the formula for simple interest

`\text{Simple interest (I) =}\frac{Principal(P)\text{ }* Rate(R)\text{ }* Time(t)}{100}`

Step 2

Define the parameters

Principal = $500

Rate = 8%

Time = 41/2 years

I=?

Step 3

Substitute those values into the equation and find the interest he pays back in 41/2 years

`\begin{gathered} I\text{ =}(500*8*9)/(100*2) \\ I\text{ =\$}180 \end{gathered}`

The interest = $180

B) The balance Jim owes for his loan refers to the amount

The Amount is given as Interest + principal

So Jim's amount = 180+500 = $680

So Jim will pay back $ 680

C)

Step 1

Define probability mathematically

`\text{Probability = }\frac{No\text{ of required events}}{No\text{ of total possible outcomes}}`

Step 2

Define parameters

No of required events = 6 orange marbles

No of total possible outcomes = 6+11+8+5= 30 marbles

Step 3

Substitute these values into the equation and find the answer

`\text{The probability of choosing orange =}(6)/(30)=(1)/(5)\text{ }`

P(orange marble) = 1/5