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Raymond borrowed $450 at 0% interest. If he pays back 0.5%
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02 Jun 2018, 03:34
02 Jun 2018, 03:34
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Expert Reply
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Question Stats:
80% (01:26) correct
20% (01:00) wrong based on 75 sessions
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Raymond borrowed $450 at 0% interest. If he pays back 0.5% of the total amount every 7 days, beginning exactly 7 days after the loan was disbursed, and has thus far paid back $18, with the most recent payment made today, how many days ago did he borrow the money?
(A) 6
(B) 8
(C) 25
(D) 42
(E) 56
(A) 6
(B) 8
(C) 25
(D) 42
(E) 56
Re: Raymond borrowed $450 at 0% interest. If he pays back 0.5%
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19 Jun 2018, 15:09
19 Jun 2018, 15:09
1
We first start off with the equation \(450 * .005 = X\). X stands for the total amount he pays every 7 days.
X=2.25 dollars.
If he has paid back 18 dollars already, then we can divide the amount he pays (2.25) by 18 to get how many weeks he has paid so far.
\(18 / 2.25 = 8\)
He has paid for 8 weeks. Since the question is asking for days, we multiply 8 by 7 to get the answer.
8 * 7 = 56
The correct answer is E.
X=2.25 dollars.
If he has paid back 18 dollars already, then we can divide the amount he pays (2.25) by 18 to get how many weeks he has paid so far.
\(18 / 2.25 = 8\)
He has paid for 8 weeks. Since the question is asking for days, we multiply 8 by 7 to get the answer.
8 * 7 = 56
The correct answer is E.
Re: Raymond borrowed $450 at 0% interest. If he pays back 0.5%
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01 Jul 2018, 14:07
01 Jul 2018, 14:07
1
Expert Reply
Explanation
1% of $450 is $4.50, so 0.5% is $2.25. That’s the amount Raymond pays back every week.
Because he has paid back $18 in total, divide 18 by 2.25 to determine the total number of payments:
\(\frac{18}{2.25}= 8.\)
So Raymond has made 8 payments, once every 7 days. The payments themselves spread over only a 7-week period (in the same way that 2 payments spread over only a 1-week period).
Raymond waited 1 week to begin repayment, however, so a total of 8 weeks, or 56 days, have passed since he borrowed the money.
1% of $450 is $4.50, so 0.5% is $2.25. That’s the amount Raymond pays back every week.
Because he has paid back $18 in total, divide 18 by 2.25 to determine the total number of payments:
\(\frac{18}{2.25}= 8.\)
So Raymond has made 8 payments, once every 7 days. The payments themselves spread over only a 7-week period (in the same way that 2 payments spread over only a 1-week period).
Raymond waited 1 week to begin repayment, however, so a total of 8 weeks, or 56 days, have passed since he borrowed the money.
