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Notice that in this example, Loren’s brother paid Loren interest, just like a bank would have paid interest if Loren invested his money there.

Jim loaned his sister $5,000 to help her buy a house. In 3 years, she paid him the $5,000, plus $900 interest. What was the rate of interest?

6%

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Hang borrowed $7,500 from her parents to pay her tuition. In 5 years, she paid them $1,500 interest in addition to the $7,500 she borrowed. What was the rate of interest?

4%

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Eduardo noticed that his new car loan papers stated that with a 7.5% interest rate, he would pay $6,596.25 in interest over 5 years. How much did he borrow to pay for his car?

Solution

Step 1. Read the problem. Step 2. Identify what we are looking for. the amount borrowed (the principal) Step 3. Name what we are looking for. Choose a variable to represent that quantity . Let P = principal borrowed. Step 4. Translate into an equation. Write the formula. Substitute in the given information. Step 5. Solve the equation. Divide. I = P r t 6,596.25 = P ( 0.075 ) ( 5 ) 6,596.25 = 0.375 P 17,590 = P Step 6. Check : Does this make sense? I = P r t 6,596.25 = ? ( 17,590 ) ( 0.075 ) ( 5 ) 6,596.25 = 6,596.25 Step 7. Answer the question with a complete sentence. The principal was $17,590.

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Sean’s new car loan statement said he would pay $4,866.25 in interest from an interest rate of 8.5% over 5 years. How much did he borrow to buy his new car?

$11,450

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In 5 years, Gloria’s bank account earned $2,400 interest at 5%. How much had she deposited in the account?

$9,600

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Solve applications with discount or mark-up

Applications of discount are very common in retail settings. When you buy an item on sale, the original price has been discounted by some dollar amount. The discount rate    , usually given as a percent, is used to determine the amount of the discount. To determine the amount of discount    , we multiply the discount rate by the original price.

We summarize the discount model in the box below.

Discount

amount of discount = discount rate × original price sale price = original price amount of discount

Keep in mind that the sale price should always be less than the original price.

Elise bought a dress that was discounted 35% off of the original price of $140. What was the amount of discount and the sale price of the dress?

Solution


Original price = $ 140 Discount rate = 35 % Discount = ?
Step 1. Read the problem. Step 2. Identify what we are looking for. the amount of discount Step 3. Name what we are looking for. Choose a variable to represent that quantity . Let d = the amount of discount. Step 4. Translate into an equation. Write a sentence that gives the information to find it. The discount is 35% of $140. Translate into an equation. d = 0.35 ( 140 ) Step 5. Solve the equation. d = 49 Step 6. Check : Does this make sense? Is a $49 discount reasonable for a $140 dress? Yes. Step 7. Write a complete sentence to answer the question. The amount of discount was $49.


Read the problem again.

Step 1. Identify what we are looking for. the sale price of the dress
Step 2. Name what we are looking for.
Choose a variable to represent that quantity. Let s = the sale price.
Step 3. Translate into an equation.
Write a sentence that gives the information to find it. .
Translate into an equation. .
Step 4. Solve the equation. .
Step 5. Check. Does this make sense?
Is the sale price less than the original price?
Yes, $91 is less than $140.
Step 6. Answer the question with a complete sentence. The sale price of the dress was $91.

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Questions & Answers

how did you get 1640
Noor Reply
If auger is pair are the roots of equation x2+5x-3=0
Peter Reply
Wayne and Dennis like to ride the bike path from Riverside Park to the beach. Dennis’s speed is seven miles per hour faster than Wayne’s speed, so it takes Wayne 2 hours to ride to the beach while it takes Dennis 1.5 hours for the ride. Find the speed of both bikers.
MATTHEW Reply
420
Sharon
from theory: distance [miles] = speed [mph] × time [hours] info #1 speed_Dennis × 1.5 = speed_Wayne × 2 => speed_Wayne = 0.75 × speed_Dennis (i) info #2 speed_Dennis = speed_Wayne + 7 [mph] (ii) use (i) in (ii) => [...] speed_Dennis = 28 mph speed_Wayne = 21 mph
George
Let W be Wayne's speed in miles per hour and D be Dennis's speed in miles per hour. We know that W + 7 = D and W * 2 = D * 1.5. Substituting the first equation into the second: W * 2 = (W + 7) * 1.5 W * 2 = W * 1.5 + 7 * 1.5 0.5 * W = 7 * 1.5 W = 7 * 3 or 21 W is 21 D = W + 7 D = 21 + 7 D = 28
Salma
Devon is 32 32​​ years older than his son, Milan. The sum of both their ages is 54 54​. Using the variables d d​ and m m​ to represent the ages of Devon and Milan, respectively, write a system of equations to describe this situation. Enter the equations below, separated by a comma.
Aaron Reply
find product (-6m+6) ( 3m²+4m-3)
SIMRAN Reply
-42m²+60m-18
Salma
what is the solution
bill
how did you arrive at this answer?
bill
-24m+3+3mÁ^2
Susan
i really want to learn
Amira
I only got 42 the rest i don't know how to solve it. Please i need help from anyone to help me improve my solving mathematics please
Amira
Hw did u arrive to this answer.
Aphelele
hi
Bajemah
-6m(3mA²+4m-3)+6(3mA²+4m-3) =-18m²A²-24m²+18m+18mA²+24m-18 Rearrange like items -18m²A²-24m²+42m+18A²-18
Salma
complete the table of valuesfor each given equatio then graph. 1.x+2y=3
Jovelyn Reply
x=3-2y
Salma
y=x+3/2
Salma
Hi
Enock
given that (7x-5):(2+4x)=8:7find the value of x
Nandala
3x-12y=18
Kelvin
please why isn't that the 0is in ten thousand place
Grace Reply
please why is it that the 0is in the place of ten thousand
Grace
Send the example to me here and let me see
Stephen
A meditation garden is in the shape of a right triangle, with one leg 7 feet. The length of the hypotenuse is one more than the length of one of the other legs. Find the lengths of the hypotenuse and the other leg
Marry Reply
how far
Abubakar
cool u
Enock
state in which quadrant or on which axis each of the following angles given measure. in standard position would lie 89°
Abegail Reply
hello
BenJay
hi
Method
I am eliacin, I need your help in maths
Rood
how can I help
Sir
hmm can we speak here?
Amoon
however, may I ask you some questions about Algarba?
Amoon
hi
Enock
what the last part of the problem mean?
Roger
The Jones family took a 15 mile canoe ride down the Indian River in three hours. After lunch, the return trip back up the river took five hours. Find the rate, in mph, of the canoe in still water and the rate of the current.
cameron Reply
Shakir works at a computer store. His weekly pay will be either a fixed amount, $925, or $500 plus 12% of his total sales. How much should his total sales be for his variable pay option to exceed the fixed amount of $925.
mahnoor Reply
I'm guessing, but it's somewhere around $4335.00 I think
Lewis
12% of sales will need to exceed 925 - 500, or 425 to exceed fixed amount option. What amount of sales does that equal? 425 ÷ (12÷100) = 3541.67. So the answer is sales greater than 3541.67. Check: Sales = 3542 Commission 12%=425.04 Pay = 500 + 425.04 = 925.04. 925.04 > 925.00
Munster
difference between rational and irrational numbers
Arundhati Reply
When traveling to Great Britain, Bethany exchanged $602 US dollars into £515 British pounds. How many pounds did she receive for each US dollar?
Jakoiya Reply
how to reduced echelon form
Solomon Reply
Jazmine trained for 3 hours on Saturday. She ran 8 miles and then biked 24 miles. Her biking speed is 4 mph faster than her running speed. What is her running speed?
Zack Reply
d=r×t the equation would be 8/r+24/r+4=3 worked out
Sheirtina
Practice Key Terms 9

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Source:  OpenStax, Elementary algebra. OpenStax CNX. Jan 18, 2017 Download for free at http://cnx.org/content/col12116/1.2
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