Multiple Choice
A grocery store sells a bag of 8 oranges for \$4.40. Assuming the price per orange remains the same, how much would it cost to buy 9 oranges?
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1. Introduction to Accounting
Useful Information
Multiple Choice
Sam paid an annual percentage rate (APR) of 6.5% on his loan, while Jessica paid an APR of 5.2% on hers. What is the difference in APR paid by Sam and Jessica?
A
1.3%
B
5.2%
C
0.7%
D
11.7%
Verified step by step guidance1
Step 1: Understand the concept of Annual Percentage Rate (APR). APR represents the annual cost of borrowing money, expressed as a percentage of the loan amount. It includes interest and any additional fees.
Step 2: Identify the APR values given in the problem. Sam's APR is 6.5%, and Jessica's APR is 5.2%.
Step 3: To find the difference in APR paid by Sam and Jessica, subtract Jessica's APR from Sam's APR. Use the formula: Difference = Sam's APR - Jessica's APR.
Step 4: Substitute the given values into the formula: Difference = 6.5% - 5.2%.
Step 5: Perform the subtraction to determine the difference in APR. Ensure the result is expressed as a percentage.
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