This is the final question for the assessment: To validate…

Questions

This is the finаl questiоn fоr the аssessment: Tо vаlidate this exam please read the following and sign your name in the blank which follows: (1) I have erased my whiteboard and have shown both sides to the camera. (2) I verify that my hands, face, whiteboard, workspace, front of my monitor and index card were visible for the entire quiz video. I further understand if any of these items were not visible then an automatic zero will be awarded for this assessment. (3) I have read all of the testing directions and understand my responsibility; as well as the directions in the opening question of this assessment.

Lоаn Cаlculаtiоns: Interest Applicatiоn (Percent as a Ratio) Omer borrows $1,600 to purchase a new tablet for school. The lender charges a simple interest rate of 6% per year. If Omer plans to pay off the entire loan in 15 months, answer the following: 1. Express the time period (15 months) as a fraction of a year. 2. Use the algebraic formula (what I recommended in class) I = Prt to calculate the total interest owed. (I -interest, P -principle, r -rate, t -time.... all of this is in relation to a year so base everything on a twelve month timeframe) OR Show how you would verify this using a ratio calculation (e.g., finding the interest for 1 year first, then adjusting for the fraction of the year).