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

$\begin{gathered} simple\text{ Interest=}\frac{PRT}{100} \\ p=9500 \\ r=5\text{ \%} \\ t=15 \\ \\ Simple\text{ interest=}\frac{9500\times5\times15}{100}=95\times75=7,125 \\ \\ Amount\text{ =P+I} \\ Amount=9500+7125=\text{ \ }16,625 \end{gathered}$

15 years to months

$\begin{gathered} 1year\text{ =12months} \\ 15years=15\times12 \\ 15years\text{ =180months} \end{gathered}$

Amount to pay monthly

$\frac{16,625}{180}=92.36$

You will have to pay $92.36 monthly

Par B

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

$\begin{gathered} Simple\text{ interest=}\frac{PRT}{100} \\ \\ p=10,500 \\ r=5\text{ \%} \\ t=15 \\ Simple\text{ Interest=}\frac{10,500\times5\times15}{100} \\ simple\text{ interest =105}\times75 \\ Simple\text{ interest =7,875} \\ Amount=P+I \\ Amount=10,500+7,875 \\ Amount\text{ = \ 18,375} \end{gathered}$

Now the monthly pay

15years =180months

$\frac{18375}{180}=102.08$

The monthly pay is $102.08