A Concise Intro To Logic
12th Edition
ISBN: 9781305147775
Author: Hurley
Publisher: Cengage
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After visiting several automobile dealerships, Richard selects the used car he wants. He likes its $12,900 price, but financing through the dealer is no bargain. He has $2,500 cash for a down payment, so he needs an $10,400 loan. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $10,400 for a period of four years at an add-on interest rate of 10 percent.
What is the annual percentage rate (APR)?
After visiting several automobile dealerships, Richard selects the used car he wants. He likes its $12,900 price, but financing through the dealer is no bargain. He has $2,500 cash for a down payment, so he needs an $10,400 loan. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $10,400 for a period of four years at an add-on interest rate of 10 percent.
What is the total interest on Richard’s loan?
What is the total cost of the car?
Annie tells her granddaughter, Mary, that in
1934
you could buy a house for
$
17,000
and a jacket for
$
6
.
Mary says that in
2018
such a house costs
$
275,000
and such a jacket costs
$
60
.
The CPI in
1934
was
15.2
,
and in
2018
,
it was
245.4
.
Which house has the lower real price? Which jacket has the lower real price?
The house with the lower price is the _______, and the jacket with the lower price is the _______.
A. $275,000 house in 2018; $6 jacket in 1934
B. $17,000 house in 1934; $60 jacket in 2018
C. $275,000 house in 2018; $60 jacket in 2018
D. $17,000 house in 1934; $6 jacket in 1934
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