Question
A student obtains a loan for $7,250. How much money does the student actually receive, assuming a loan fee of 1.09%? (Round your answer to the nearest cent.)
Answers
GPT-4o mini
To calculate the amount of money the student actually receives after deducting the loan fee, we can follow these steps:
1. **Calculate the loan fee**:
The loan fee is 1.09% of $7,250.
\[
\text{Loan Fee} = 7,250 \times \frac{1.09}{100} = 7,250 \times 0.0109 = 79.2775
\]
2. **Round the loan fee**:
Since the fee should typically be rounded to the nearest cent, we round $79.2775 to $79.28.
3. **Calculate the amount received**:
Now, subtract the loan fee from the original loan amount to find out how much the student actually receives.
\[
\text{Amount Received} = 7,250 - 79.28 = 7,170.72
\]
Thus, the amount of money the student actually receives is **$7,170.72**.
1. **Calculate the loan fee**:
The loan fee is 1.09% of $7,250.
\[
\text{Loan Fee} = 7,250 \times \frac{1.09}{100} = 7,250 \times 0.0109 = 79.2775
\]
2. **Round the loan fee**:
Since the fee should typically be rounded to the nearest cent, we round $79.2775 to $79.28.
3. **Calculate the amount received**:
Now, subtract the loan fee from the original loan amount to find out how much the student actually receives.
\[
\text{Amount Received} = 7,250 - 79.28 = 7,170.72
\]
Thus, the amount of money the student actually receives is **$7,170.72**.