Multiple Choice
If Zach takes out a \$10,000 loan at an annual interest rate of 6% for 5 years with monthly payments, what percentage of his total first-year payments is paid as interest?
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1. Introduction to Accounting
Useful Information
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?
A
\$4.95
B
\$5.00
C
\$4.80
D
\$4.40
Verified step by step guidance1
Determine the price per orange by dividing the total cost of 8 oranges by the number of oranges: \( \text{Price per orange} = \frac{4.40}{8} \).
Calculate the cost of 9 oranges by multiplying the price per orange by 9: \( \text{Cost of 9 oranges} = \text{Price per orange} \times 9 \).
Substitute the value of the price per orange from Step 1 into the equation in Step 2.
Perform the multiplication to find the total cost for 9 oranges.
Compare the calculated cost with the provided answer choices to identify the correct one.
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