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06 Jan 2025, 09:08
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SUM LENT: 1500/t
AMOUNT RECEIVED: (1500+252t)/t
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
65%
(hard)
Question Stats:
66% (03:04) correct
34%
(03:13)
wrong
based on 1150
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In a friendly loan deal, it was decided that Alex will charge on a per month basis, $7 for every $500 lent. For the duration of 't' years, Alex earned $252. Assuming loan amount for the purpose of calculation remains the same for each of the months, from the table, select 'Sum Lent', & 'Amount Received' by Alex after t years.
Make only two selections, one in each column.
Make only two selections, one in each column.
| SUM LENT | AMOUNT RECEIVED | |
| 18000/3 | ||
| (6000+84t)/t | ||
| 1500/t | ||
| (1500+252t)/t | ||
| 50000/t |
ShowHide Answer
Official Answer
SUM LENT: 1500/t
AMOUNT RECEIVED: (1500+252t)/t
06 Jan 2025, 12:44
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1. Over one month, Alex will earn \(\frac{Sum \ lent}{500} * 7\).
2. That means after t years, Alex will earn $252 or \(\frac{Sum \ lent}{500} * 7 * 12 * t\). The equation can be simplified: \(\frac{Sum \ lent}{500} * 7 * 12 * t = 252 \rightarrow Sum \ lent = \frac{1500}{t}\).
3. Now the total amount received is equal to what Alex earned and originally lent. So, \(Amount \ received = Earned + Lent = 252 + \frac{1500}{t} = \frac{1500 + 252t}{t}\).
4. Our answer will be: SUM LENT - 1500/t and AMOUNT RECEIVED - (1500+252t)/t.
2. That means after t years, Alex will earn $252 or \(\frac{Sum \ lent}{500} * 7 * 12 * t\). The equation can be simplified: \(\frac{Sum \ lent}{500} * 7 * 12 * t = 252 \rightarrow Sum \ lent = \frac{1500}{t}\).
3. Now the total amount received is equal to what Alex earned and originally lent. So, \(Amount \ received = Earned + Lent = 252 + \frac{1500}{t} = \frac{1500 + 252t}{t}\).
4. Our answer will be: SUM LENT - 1500/t and AMOUNT RECEIVED - (1500+252t)/t.
General Discussion
22 Jan 2025, 22:38
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for 't' years interest earned => 252
for one month => 252/(t*12) = 21/t
(converting year to month involves /12)
500 => 7
21/t => x
x = 1500/t
2. Total = Principal + Earned
= 1500/t + 252
= (1500 + 252t)/t
for one month => 252/(t*12) = 21/t
(converting year to month involves /12)
500 => 7
21/t => x
x = 1500/t
2. Total = Principal + Earned
= 1500/t + 252
= (1500 + 252t)/t
