ASAP. thanks Solve the two problems, being careful to show your work, including
ID: 3199143 • Letter: A
Question
ASAP. thanks
Solve the two problems, being careful to show your work, including formulas used Jess and Leslie each have a $700 car repair bill. They each take out a loan from MoneyGrab Loans with the following terms: The borrower will pay 10% in simple interest every two weeks. If the borrower is able to pay a minimum amount of $400 at the end of two weeks, then the loan continues with those terms. If the borrower is not able to pay at least $400 at the end of two weeks, then the interest rate for the next two weeks will increase by 4%. This can continue until the interest rates hits a maximum of 22%. takes out a $700 loan from MoneyGrab. At the end of two weeks he pays off $500 of his kes out a second two-week loan for the remaining amount of his debt and completes payment of that loan at the end of another two weeks. How much will he have in interest? paid ab. At the end of two weeks she pays off only Leslie takes out a $700 loan from $350 of her loan. She then takes out a second two-week loan for the debt and completes payment of that loan at the end of another two weeks. How much will she have paid in interestExplanation / Answer
For Jess, after the first two weeks, he pays $500, which is more than $400. So his interest rate will stay at 10% even after the two weeks.
Interest paid in first 2 weeks = 10% of $700 = $70
Remaining amount of his debt is $700 - $500 = $200
Interest paid in the further 2 weeks = 10% of $200 = $20
Total interest paid = $90
For Leslie, after the first two weeks, she pays only $350, which falls short of $400. So her interest rate jumps from 10% to 14% after the two weeks.
Interest paid in first 2 weeks = 10% of $700 = $70
Remaining amount of her debt is $700 - $350 = $350
Interest paid in the further 2 weeks = 14% of $350 = $49
Total interest paid = $119