A property worth $15,000.00 is purchased for 10% down and semi-annual payments of $1750.00 for twelve years. What is the effective rate of interest if interest is compounded semi-annually?
1 answer
You have $75 to spend on refreshments for a party. Large bags of chips cost $2.50 and sodas cost $0.50. You need to buy exactly five times as many sodas as bags of chips. How many bags of chips and how many sodas can you buy?