Mathematics, 29.03.2020 05:06 McSporter
The treasurer of the student council decided to look into other funding options for the DJ and the photographer. With your team, examine how each loan would grow and find a way to compare the loans. Assume that a month is 4 weeks. Then find answers to the questions below.
The local bank
offered to loan
the student
council $955 for
1% weekly
simple interest.
The Math Club
offered to loan
the student
council $940 for
4.5% monthly
simple interest.
The Booster Club
offered to loan the
student council
$960 and would
add $36 interest
each month.
a. Which loan would grow most quickly? That is, which has the most interest added each month?
b. What is the monthly interest rate the Booster Club is offering? Show how you got your answer.
c. For which loan would the student council owe the most money overall after 3 months? Justify your answer.
Answers: 1
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The treasurer of the student council decided to look into other funding options for the DJ and the p...
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