Question

Lillian made a down payment of $150 on some hockey equipment. The balance of the purchase price was paid for using a deferred payment plan with an 18-month introductory period. The interest rate is 26.79%. If the purchase price of the hockey equipment was $975 and minimum payments of $12 were made during the deferment period, what is the balance after the deferment period?

$1,011.60

$1,084.80

$1,215.60

$1,227.60

Answer 1

I don't want the answer. I would really like to know how to do it though!

Answer 2

amount financed 975-150 = 825

Answer 3

he made 12 payments of 12 = 144

Answer 4

add 6 more payments to that
12 * 18 = 216

Answer 5

financed * interest - payments made = should be balance

Answer 6

that didn't help I got 5.0175. thank you though

Answer 7

"The balance of the purchase price"

do you know what that means??

Answer 8

no...

Answer 9

me neither.....

Answer 10

fuhhh...

Answer 11

A city’s population is declining continuously at a rate of 6.1% each year. If the population of the city is currently 435,410, what will the population of the city be in 8 years?

222,930

263,162

266,945

267,278
how bout this

Answer 12

the balance of the purchase price is the amount AFTER he paid the down payment

Answer 13

ok
do you know how the 26% interest rate works - is it annualy?
or a one time interest on the balance of purchase

Answer 14

@itskaymarie02 it is a loss of 6.1% per year

this also means that 93.9% of the city stay. ok so far?

Answer 15

seems like an annual amount

Answer 16

whered 93.9% come in?

Answer 17

because total city 100% - 6.1% loss = 93.9%

after one year, there was a loss of 6.1%
and 93.9% were still there

Answer 18

good so far...

Answer 19

@JuanitaM I also think so
next question would be, does the interest already count during the deferment period......

Answer 20

@itskaymarie02 next, we need to do this sort of problem:

93.9% of "93.9%", how much is it? because in the second year, we need 93.9% of "93.9%" remaining people...

Answer 21

that confused me....
im sorry..

Answer 22

it is confusing

Answer 23

I can take a simpler example: 100% , take 1/4
how much is this?

Answer 24

25% ?

Answer 25

yes

now, again take 1/4 of what is still left

Answer 26

of the 93.9%?

Answer 27

of the 25%

Answer 28

6.25?

Answer 29

yep

Answer 30

now what this means is that:

1/4 of 1/4 of 100
=6.25%

Answer 31

"1/4 of 100"
=25%

1/4 of this remaining "1/4 of 100"
=6.25%

Answer 32

ok good so far..

Answer 33

ok, so we can observe that instead of taking 1/4 of 1/4
we can also take 1/4 x 1/4 of 100

what's 1/4 x 1/4 ?

Answer 34

1/16 ?

Answer 35

yes :)

Answer 36

ok.

Answer 37

than what... on the problem... like how do I figure it out?

Answer 38

so when we have a problem like take 1/4 of 1/4 of 100
we can also just multiply everything together!

Answer 39

the problem states that 6.1% of the population leaves, and they ask what population the city still has. because they ask for the city population we don't really care about the slices being carried away: we care what is still left

Answer 40

the total city is 100%
and 6.1% are leaving

so 100%-6.1% are still there

Answer 41

93.9% are still there

Answer 42

ok im good on that

Answer 43

now the rest :)

Answer 44

the city did not stop losing population after one year though?
they CONTINUE to lose 6.1% of what is left

Answer 45

so they CONTINUE to retain 93.9% of whatever they still have after 1 y

Answer 46

if they lose another 6.1% than they'll have 87.8 % ?

Answer 47

if they lost another 6.1% of the original population, then yes
HOWEVER they are going to lose 6.1% of the REMAINING POPULATION

Answer 48

basically how much 6.1% is changes each year because the total population decreases each year and so the people for 6.1% are adjusted

I will just use the numbers now:

Answer 49

lol thank you!(:

Answer 50

city had 435,410

after 1 year, they have 93.9% of 435,410 = 408,849

Answer 51

then, when year 2 just begins, they adjust what 6.1% is. previously,
6.1% of 435,410 was 26,560 people.

Now,
6.1% of 408,849 are 24,939 people

Basically, if the same percentage of people want to leave, they're less in total numbers because there aren't that many people who're even there!

Answer 52

alrighttt.. so how do I figure out the answerrr

Answer 53

if 93.9% stay in year 2, that's less people than
when 93.9% stay in year 1

Answer 54

no we have to calculate how many stay :)

Answer 55

yes 26560 are leaving
so 408,849 are still there

Answer 56

I wanted to calculate with the 6.1% leaving people as basis,
this is not possible.

because they can move anywhere they are no longer a number we can use

Answer 57

6.1% x 408849 = 24,939

Answer 58

24,939 people leave in the second year

Answer 59

that means 408849 - 24939 people stay
= 383,910 stay

Answer 60

383,910 people still in city after 2 years

Answer 61

the problem asks us:

how many people are 93.9% of 93.9% of 93.9% ...of 435,410

Answer 62

so 93.9% x 93.9% x 93.9% ?