Part A: The monthly amount payable by Victoria is $503.75. Option B shows the monthly payment made by Victoria.
Part B: The monthly amount payable by Victor is $276.17.
Interest is defined as the amount of money paid for the use of someone else's money.
Part A:
Given that the amount P is $6500, interest rate R is 13% and time period T is 15 months. The yearly time period is given as,
[tex]T = \dfrac {15}{12}[/tex]
[tex]T = 1.25 \;\rm Years[/tex]
The interest is calculated as given below.
[tex]I = P\times\dfrac {R}{100}\times T[/tex]
[tex]I = 6500 \times \dfrac {13}{100} \times 1.25[/tex]
[tex]I =\$ 1056.25[/tex]
The total amount after 15 months is given as,
A = P + I
A = $6500 + $1056.25
A = $7556.25
This is the amount of 15 months. The amount of one month is calculated as given below.
Monthly Amount = [tex]\dfrac {\$7556.25}{15}[/tex]
Monthly Amount = $503.75
Hence we can conclude that the monthly amount payable by Victoria is $503.75. Option B shows the monthly payment made by Victoria.
Part B:
Given that the amount P is $6800, interest rate R is 13.5% and time period T is 3 years.
The total amount after 3 years is given as,
[tex]A = P (1 + \dfrac {R}{100})^T[/tex]
[tex]A = 6800 (1 + \dfrac {13.5}{100})^3[/tex]
[tex]A = 6800 \times 1.4621[/tex]
[tex]A = \$ 9942.28[/tex]
This is the amount of 3 years or for 36 months. The amount of one month is calculated as given below.
Monthly Amount = [tex]\dfrac {\$9942.28}{36}[/tex]
Monthly Amount = $276.17
Hence we can conclude that the monthly amount payable by Victor is $276.17.
To know more about the interest, follow the link given below.
https://brainly.com/question/4605117.
