31) Elon has 4 times more Bitcoin than Bill. Bill has 3 times more Bitcoin than Jeff. If Jeff has 666 Bitcoins, calculate how many Bitcoins does Elon process?
Buying a used car
You want to buy a used car for $3500 and decide to borrow money from the Bank of Kwok.
With the part time job, you have saved up $643 of cash as a down payment.
Bank of Kwok uses this algebraic formula to determine your monthly payment.
1.13T = 48N + D
where T is the price of the car
1.13 is the 13% HST (thus 1.13T is the total cost you must pay)
N is the number of months for your payment
D is the down payment
What is the 48? _______________________________________________
How many months will it take to pay off your car? Show your work.
You want to buy a used car for $3500 and decide to borrow money from the Bank of Kwok.
With the part time job, you have saved up $643 of cash as a down payment. (put money up front before taking the car home)
Bank of Kwok uses this algebraic formula to determine your monthly payment.
1.13T = 48N + D
1.13 x T = 48 x N + D (down payment)
Plug in the information you know
1.13 x 3500 = 48 x N + 643
3955 = 48 x N + 643
Try to move all numbers to one side of the equal sign and leave the variables on the other side
3955 – 643 = 48 x N
3312 = 48 x N
48 = how much you have to pay every month (monthly payment)
N = number of months required to pay off the car
3312 = 48 x N
3312/48 = N
69 = N (it takes 69 months to pay off the car)
Homework
Different scenario:
a) What if you increase your down payment to $1075. How many months will it take to pay off the car?
b) What if you increase your monthly payment to $144, keeping the same down payment. How many months will it take to pay off the car?
c) What if you lower your monthly payment to $36. How many months will it take to pay off the car?
- is this a good idea to take so long to pay off a used car? Why?
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