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Answer :
Sure! Let's tackle these questions one by one:
1. Brainstorming Things that Cost [tex]$1,000:
- A new laptop or computer.
- A round-trip airfare for an international holiday.
- A high-quality smartphone.
- Furniture set for a living room.
- A semester of college tuition at a community college.
These are just a few examples of things you might purchase for around $[/tex]1,000.
2. If No Interest is Charged:
- If you make a minimum payment of [tex]$15 each month and there is no interest charged, you can find out how many months it will take to pay off the $[/tex]1,000 by dividing the total amount by the monthly payment:
[tex]\[
\text{Number of months} = \frac{1,000}{15} \approx 66.67
\][/tex]
- So, it would take approximately 67 months to pay off the [tex]$1,000 balance without interest.
3. With an APR of 13%:
- When interest is charged, it complicates the calculation. Here, with an APR of 13%, the monthly interest rate is 13% divided by 12 months.
- To estimate how many months it would take to pay off the balance with interest, you make a $[/tex]15 payment each month, but some of it goes towards the interest.
- The calculation shows that it will take about 119 months to pay off the balance.
4. Interest Paid in the End:
- If you were to continuously pay [tex]$15 per month until the balance of $[/tex]1,000 is fully paid off, you would also be paying interest over those months.
- The total amount paid in interest is given as [tex]$785.
- So, over the term of paying off the loan, you would pay $[/tex]1,785 total, with $785 of that being interest.
This breakdown gives you a clear understanding of the time and cost involved depending on whether interest is charged or not.
1. Brainstorming Things that Cost [tex]$1,000:
- A new laptop or computer.
- A round-trip airfare for an international holiday.
- A high-quality smartphone.
- Furniture set for a living room.
- A semester of college tuition at a community college.
These are just a few examples of things you might purchase for around $[/tex]1,000.
2. If No Interest is Charged:
- If you make a minimum payment of [tex]$15 each month and there is no interest charged, you can find out how many months it will take to pay off the $[/tex]1,000 by dividing the total amount by the monthly payment:
[tex]\[
\text{Number of months} = \frac{1,000}{15} \approx 66.67
\][/tex]
- So, it would take approximately 67 months to pay off the [tex]$1,000 balance without interest.
3. With an APR of 13%:
- When interest is charged, it complicates the calculation. Here, with an APR of 13%, the monthly interest rate is 13% divided by 12 months.
- To estimate how many months it would take to pay off the balance with interest, you make a $[/tex]15 payment each month, but some of it goes towards the interest.
- The calculation shows that it will take about 119 months to pay off the balance.
4. Interest Paid in the End:
- If you were to continuously pay [tex]$15 per month until the balance of $[/tex]1,000 is fully paid off, you would also be paying interest over those months.
- The total amount paid in interest is given as [tex]$785.
- So, over the term of paying off the loan, you would pay $[/tex]1,785 total, with $785 of that being interest.
This breakdown gives you a clear understanding of the time and cost involved depending on whether interest is charged or not.
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