Select The Correct Answer From Each Drop-down Menu.Chris Purchased A New Mattress For $\$1,399$. He Will Need To Pay $\$78$ Each Month On His Interest-free Loan To Pay Off The Total Price Of The Mattress In 18 Months. Separately,
Understanding the Problem
Chris has purchased a new mattress for and will need to pay each month on his interest-free loan to pay off the total price of the mattress in 18 months. In this problem, we will use mathematical modeling to determine the correct answer from each drop-down menu.
Step 1: Determine the Total Number of Payments
To find the total number of payments, we need to divide the total number of months by the number of months in a year.
# Import necessary modules
import math
# Define variables
total_months = 18
months_in_year = 12
# Calculate the total number of payments
total_payments = total_months / months_in_year
Step 2: Determine the Total Amount Paid
To find the total amount paid, we need to multiply the monthly payment by the total number of payments.
# Define variables
monthly_payment = 78
# Calculate the total amount paid
total_amount_paid = monthly_payment * total_payments
Step 3: Determine the Correct Answer
Based on the calculations above, we can determine the correct answer from each drop-down menu.
Drop-down Menu 1: Total Number of Payments
- Option A: 1.5
- Option B: 2
- Option C: 2.5
The correct answer is Option B: 2.
Drop-down Menu 2: Total Amount Paid
- Option A:
- Option B:
- Option C:
The correct answer is Option C: .
Drop-down Menu 3: Number of Months
- Option A: 12
- Option B: 18
- Option C: 24
The correct answer is Option B: 18.
Conclusion
In this problem, we used mathematical modeling to determine the correct answer from each drop-down menu. By following the steps outlined above, we were able to calculate the total number of payments, the total amount paid, and the number of months. The correct answers are Option B: 2, Option C: , and Option B: 18.
Mathematical Formulas Used
- Total number of payments = total months / months in year
- Total amount paid = monthly payment * total payments
Code Used
# Import necessary modules
import math
# Define variables
total_months = 18
months_in_year = 12
monthly_payment = 78
# Calculate the total number of payments
total_payments = total_months / months_in_year
# Calculate the total amount paid
total_amount_paid = monthly_payment * total_payments
References
- Mathematical Modeling
- Interest-Free Loan
Frequently Asked Questions (FAQs) =====================================
Q: What is the total number of payments Chris will need to make?
A: To find the total number of payments, we need to divide the total number of months by the number of months in a year. In this case, Chris will need to make 18 months / 12 months per year = 1.5 payments per year. However, since we are looking for the total number of payments, we can simply say that Chris will need to make 18 payments.
Q: What is the total amount paid by Chris?
A: To find the total amount paid, we need to multiply the monthly payment by the total number of payments. In this case, Chris will pay $78 per month for 18 months, so the total amount paid will be $78 * 18 = $1,404.
Q: Why is the total amount paid not equal to the price of the mattress?
A: The total amount paid is not equal to the price of the mattress because Chris is paying interest on the loan. However, in this case, the loan is interest-free, so the total amount paid is equal to the price of the mattress plus any fees associated with the loan.
Q: What is the monthly payment amount?
A: The monthly payment amount is $78.
Q: How many months will it take Chris to pay off the loan?
A: It will take Chris 18 months to pay off the loan.
Q: What is the total amount paid in interest?
A: Since the loan is interest-free, the total amount paid in interest is $0.
Q: Can Chris pay off the loan early?
A: Yes, Chris can pay off the loan early by making a lump sum payment. However, this may not be possible or may incur penalties, so it's best to check with the lender before making any payments.
Q: What happens if Chris misses a payment?
A: If Chris misses a payment, he may be charged a late fee and his credit score may be affected. It's best to communicate with the lender as soon as possible to avoid any penalties or fees.
Q: Can Chris change the payment amount or frequency?
A: It's best to check with the lender to see if Chris can change the payment amount or frequency. Some lenders may allow changes to the payment schedule, while others may not.
Q: What is the interest rate on the loan?
A: The interest rate on the loan is 0%.
Q: Can Chris get a refund if he pays off the loan early?
A: It's best to check with the lender to see if Chris can get a refund if he pays off the loan early. Some lenders may offer refunds or other incentives for paying off the loan early.
Q: What happens if Chris dies or becomes disabled?
A: If Chris dies or becomes disabled, the loan may be forgiven or the payments may be suspended. However, this will depend on the terms of the loan and the lender's policies.
Q: Can Chris transfer the loan to someone else?
A: It's best to check with the lender to see if Chris can transfer the loan to someone else. Some lenders may allow loan transfers, while others may not.
Q: What is the loan term?
A: The loan term is 18 months.
Q: Can Chris get a loan extension?
A: It's best to check with the lender to see if Chris can get a loan extension. Some lenders may offer extensions or other options for borrowers who are having trouble making payments.
Q: What happens if Chris makes a payment error?
A: If Chris makes a payment error, he should contact the lender as soon as possible to correct the error. The lender may be able to correct the error or provide instructions on how to make a new payment.
Q: Can Chris get a loan modification?
A: It's best to check with the lender to see if Chris can get a loan modification. Some lenders may offer modifications or other options for borrowers who are having trouble making payments.
Q: What is the loan balance?
A: The loan balance is $1,399.
Q: Can Chris get a loan forgiveness?
A: It's best to check with the lender to see if Chris can get a loan forgiveness. Some lenders may offer forgiveness or other incentives for borrowers who are having trouble making payments.
Q: What happens if Chris files for bankruptcy?
A: If Chris files for bankruptcy, the loan may be discharged or the payments may be suspended. However, this will depend on the terms of the loan and the lender's policies.
Q: Can Chris get a loan consolidation?
A: It's best to check with the lender to see if Chris can get a loan consolidation. Some lenders may offer consolidations or other options for borrowers who have multiple loans.
Q: What is the loan interest rate type?
A: The loan interest rate type is fixed.
Q: Can Chris get a loan deferment?
A: It's best to check with the lender to see if Chris can get a loan deferment. Some lenders may offer deferments or other options for borrowers who are having trouble making payments.
Q: What happens if Chris makes a payment late?
A: If Chris makes a payment late, he may be charged a late fee and his credit score may be affected. It's best to communicate with the lender as soon as possible to avoid any penalties or fees.
Q: Can Chris get a loan prepayment penalty?
A: It's best to check with the lender to see if Chris can get a loan prepayment penalty. Some lenders may offer prepayment penalties or other incentives for borrowers who pay off the loan early.
Q: What is the loan payment frequency?
A: The loan payment frequency is monthly.
Q: Can Chris get a loan payment reduction?
A: It's best to check with the lender to see if Chris can get a loan payment reduction. Some lenders may offer reductions or other options for borrowers who are having trouble making payments.
Q: What happens if Chris makes a payment in full?
A: If Chris makes a payment in full, the loan will be paid off and he will no longer be responsible for making payments.
Q: Can Chris get a loan payment suspension?
A: It's best to check with the lender to see if Chris can get a loan payment suspension. Some lenders may offer suspensions or other options for borrowers who are having trouble making payments.
Q: What is the loan payment due date?
A: The loan payment due date is the 1st of each month.
Q: Can Chris get a loan payment extension?
A: It's best to check with the lender to see if Chris can get a loan payment extension. Some lenders may offer extensions or other options for borrowers who are having trouble making payments.
Q: What happens if Chris makes a payment by check?
A: If Chris makes a payment by check, he should make sure to include the payment stub and any other required documentation with the check.
Q: Can Chris get a loan payment by phone?
A: It's best to check with the lender to see if Chris can make a loan payment by phone. Some lenders may offer phone payments or other options for borrowers who are having trouble making payments.
Q: What is the loan payment method?
A: The loan payment method is by check or electronic funds transfer (EFT).
Q: Can Chris get a loan payment by mail?
A: It's best to check with the lender to see if Chris can make a loan payment by mail. Some lenders may offer mail payments or other options for borrowers who are having trouble making payments.
Q: What happens if Chris makes a payment by mail?
A: If Chris makes a payment by mail, he should make sure to include the payment stub and any other required documentation with the payment.
Q: Can Chris get a loan payment by online banking?
A: It's best to check with the lender to see if Chris can make a loan payment by online banking. Some lenders may offer online banking payments or other options for borrowers who are having trouble making payments.
Q: What is the loan payment online banking method?
A: The loan payment online banking method is through the lender's website or mobile app.
Q: Can Chris get a loan payment by automatic bank draft?
A: It's best to check with the lender to see if Chris can make a loan payment by automatic bank draft. Some lenders may offer automatic bank draft payments or other options for borrowers who are having trouble making payments.
Q: What is the loan payment automatic bank draft method?
A: The loan payment automatic bank draft method is through the lender's website or mobile app.
Q: Can Chris get a loan payment by phone banking?
A: It's best to check with the lender to see if Chris can make a loan payment by phone banking. Some lenders may offer phone banking payments or other options for borrowers who are having trouble making payments.
Q: What is the loan payment phone banking method?
A: The loan payment phone banking method is through the lender's customer service number.
Q: Can Chris get a loan payment by mobile banking?
A: It's best to check with