Knowee
Questions
Features
Study Tools

Max has to pay an interest fee of $300 per month for every month he hasn’t paid off his loan. He also has to pay a $30 late fee every time his loan repayments aren’t paid by the due date. If Max has 13 late payments before his loan is repaid, what expression could be used to determine how much money Max paid in extra fees?(A) 300 + 30x, where x is the number of late payments(B) 300x + 30, where x is the number of months of interest fees(C) 300x + 390, where x is the number of months of interest fees(D) 300x + 390x, where x is the number of late payments(E) 300x + 30x + 13, where x is the number of late payments

Question

Max has to pay an interest fee of 300permonthforeverymonthhehasntpaidoffhisloan.Healsohastopaya300 per month for every month he hasn’t paid off his loan. He also has to pay a 30 late fee every time his loan repayments aren’t paid by the due date. If Max has 13 late payments before his loan is repaid, what expression could be used to determine how much money Max paid in extra fees?(A) 300 + 30x, where x is the number of late payments(B) 300x + 30, where x is the number of months of interest fees(C) 300x + 390, where x is the number of months of interest fees(D) 300x + 390x, where x is the number of late payments(E) 300x + 30x + 13, where x is the number of late payments

...expand
🧐 Not the exact question you are looking for?Go ask a question

Solution

The correct expression would be (A) 300 + 30x, where x is the number of late payments.

Here's why:

  1. Max has to pay an interest fee of $300 per month for every month he hasn’t paid off his loan. This is a fixed amount, so it doesn't change with the number of late payments. Therefore, it's represented as a constant in the expression, 300.

  2. He also has to pay a $30 late fee every time his loan repayments aren’t paid by the due date. This amount changes with the number of late payments. Therefore, it's represented as a variable in the expression, 30x.

  3. The total amount Max paid in extra fees is the sum of the interest fee and the late fee, which is 300 + 30x.

The other options (B, C, D, E) are incorrect because they

This problem has been solved

Similar Questions

Virginia is considering taking out a loan to purchase more products to rent to customers. In order to purchase the products she needs, she has determined that she needs to borrow $12,000. She would like you to help her determine her monthly payment based on the loan amount, an interest rate of 7.5% with a repayment of the loan after 5 years.On the LoanData worksheet, in cell B6, determine the monthly payment.In cell B6, edit the formula to return an absolute value.

A company borrows money as needed on the first day of the month and repays principal and interest on the last day of the budget period, if cash is available.  For the second quarter of the year, they borrowed $10,000 in April, $8,000 in May and $5,000 in June.  The interest rate is 1% per month.  Assuming enough money is available on June 30th to repay the debt, the total amount of interest due is Blank______.Multiple choice question.$560$230$690

To help open up a wine bar, Joe borrowed money from a bank.He took out a personal, amortized loan for $40,000, at an interest rate of 6.4%, with monthly payments for a term of 8 years.For each part, do not round any intermediate computations and round your final answers to the nearest cent.If necessary, refer to the list of financial formulas.(a) Find Joe's monthly payment.$(b) If Joe pays the monthly payment each month for the full term, find his total amount to repay the loan.$(c) If Joe pays the monthly payment each month for the full term, find the total amount of interest he will pay.

How do you calculate the total amount paid on a loan?*Principal + (Principal × Rate × Time)Principal + (Monthly Payment × Number of Payments)Principal + APRPrincipal + Total Interest Paid

Suzie is ready to make her first payment to Ricky. She is planning on paying $4000 plus her accrued interest.   Using the formula Principal X Interest X 30/365, what would Suzie's total first payment be?

1/3

Upgrade your grade with Knowee

Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.