Students were inquired to answer a question at school and to declare what is most important for them to succeed. Of many answers, the one which that stood out was practice. Persons who ordinarily are successful do not become successful by being born. They work hard and commitment their lives to succeeding. This is how you can fulfill your goals. the following some question and answer examples that you could simply utilize to elevate your knowledge and gain insight that will help you to preserve your school studies.

## Question:

Peter wants to borrow $3,000. He has two payment plans to choose from. Plan A is 4% interest over 6 years. Plan B is 5% interest over 4 years. Using the formula m=P+Prt/12t for payment, m, which statement best compares the plans?

A. Plan A has a monthly payment of about $23 less and a total interest charge of $120 less than plan B.

B. Plan A has a monthly payment of about $23 less and a total interest charge of $120 more than plan B.

C. Plan A has a monthly payment of about $23 more and a total interest charge of $120 more than plan B.

D. Plan A has a monthly payment of about $23 more and a total interest charge of $120 less than plan B.

## Answer:

**Answer:**

Plan A has a monthly payment of about $23 less and a total interest charge of $120 more than plan B ⇒ answer B

**Step-by-step explanation:**

* Lets explain how to solve the problem

– Peter wants to borrow $3,000

– He has two payment plans to choose from

– Plane A: is 4% interest over 6 years

– Plane B: is 5% interest over 4 years

– The using formula is m = [P + Prt]/(12t) , where m is the monthly

payment , P is the money invested , r is the interest in decimal , and

t is the time

* Lets solve the problem

# Plane A:

∵ P = $3000

∵ r = 4/100 = 0.04

∵ t = 6 years

– The interest I = Prt

∴ I = 3000 × 0.04 × 6 = 720

∴ **The total interest is $720**

– The monthly payment m = [P + Prt]/(12t)

∴ m = [3000 + 3000 × 0.04 × 6]/12(6)

∴ m = [3000 + 720]/72

∴ m = [3720]/72 = 51.667

∴ **The monthly payment is $51.667**

# Plane B:

∵ r = 5/100 = 0.05

∵ t = 4 years

∴ I = 3000 × 0.05 × 4 = 600

∴ **The total interest is $600**

∴ m = [3000 + 3000 × 0.05 × 4]/12(4)

∴ m = [3000 + 600]/48

∴ m = [3600]/48 = 75

∴ **The monthly payment is $75**

– By comparing the two plans

* The **total interest of plan** **A is more than** the total interest of plan **B**

by $720 – $600 = **$120**

* The **monthly payment** of **plan A is less than** the monthly payment

of **plan B **by $75 – $51.667 = **$23.33**

∴ **Plan A has a monthly payment of about $23 less and a total **

** interest charge of $120 more than plan B**

They could definitely hopefully help the student solve the question by implementing the questions and answer examples. Then can potentially make some sharing in a group discussion and also study with the classmate somewhere around the topic, so another student also ought to have some enlightenment and still keeps up the school learning.