Eleanor Wotek took out a simple interest installment loan of $1,525 at 8 percent for 6 months. Her monthly payment on the loan is $260.17. After 3 payments, the balance is $769.98. If she pays off the loan when the next payment is due? a. What is the final payment? (2 points) b. How much is saved by paying off the loan early? (3 points)

a. Final payment = $831.58

b. Amount saved = -$520.34

Step-by-step explanation:

a. What is the final payment? (2 points)

Interest element of fourth month payment = Principal balance after third month payment * 8% = $769.98 * 8% = $61.60

Final payment = Principal balance after third month payment + Interest element of fourth month payment = $769.98 + $61.60 = $831.58

b. How much is saved by paying off the loan early? (3 points)

Amount saved = (Monthly payment * 2 months) - Final payment = ($260.17 * 2) - $831.58 = -$520.34

Note:

The amount saved in part b above is negative i.e. -$520.34 which implies that Eleanor Wotek actually paid more instead of saving some amount.

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explanation

the graph has a slope of 1/3 because each time you move up 1, you go to the right 3. so, slope = rise/run = 1/3. we can cross choice a off the list since we want a slope of 3, rather than 1/3.

the first table shown has a slope of -3. this is because the rise is -6 and the run is 2, so slope = rise/run = -6/2 = -3. note how x increases by 2 each time (run) and y drops by 6 each time (rise). choice b can be eliminated.

the second table has a slope of 3. each time x goes up by 1, the y values increase by 3. slope = rise/run = 3/1 = 3. alternatively you can use the slope formula to prove that the slope is 3 here. use any two rows of values to generate the two points. choice c is one of the answers

the third table also has a slope of 3. let's use the slope formula to prove as such. i'm going to use the first two rows of the table. so i'll use the two points (2,1) and (5,10)

m = slope

m = (y2-y1)/(x2-x1)

m = (10-1)/(5-2)

m = 9/3

m = 3 so we get a slope of 3

choice d is the other answer

answer:     true

step-by-step explanation: