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

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

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

$\begin{gathered} I\text{ =}\frac{500\times8\times9}{100\times2} \\ I\text{ =\ }180 \end{gathered}$

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

$\text{The probability of choosing orange =}\frac{6}{30}=\frac{1}{5}\text{ }$

P(orange marble) = 1/5