Question

A credit card company offers an annual 2% cash-back rebate on all gasoline purchases. If a family spent $5850 on gasoline purchases over the course of a year, what was the family's rebate at the end of the year?

Answer 1

Explanation:

What to find? Family's rebate at the end of the year

Given parameters

Annual cash back rebate = 2%

Total amount spent on gasoline purchases = $5850

To calculate the cash-back rebate at the end of the year, we will need to apply the below formula

Let the annual cash-back rebate be x

Let the total amount spent on gasoline purchase be y

The cash-back rebate = x% * y

`\begin{gathered} \text{The cash-back rebate = 2\% }\cdot\text{ 5850} \\ \text{The cash-back rebate = }(2)/(100)\cdot\text{ 5850} \\ \text{The cash-back rebate = 0.02 }\cdot\text{ 5850} \\ \text{The cash-back rebate = \$117} \\ \text{Hence, the cash-back rebate at the end of the year is \$117} \end{gathered}`