Question

① jake gets 3 quotes for car insurance from insure - a - lor. monthly payments of $85, quarterly payments of $250, or yearly payment of $950. whats the total yearly payment for each quote? how much more (interest) does each quote have?

Explanation:

Step1: Calculate monthly quote total

There are 12 months in a year, so multiply the monthly payment by 12.
$\$85 \times 12 = \$1020$

Step2: Calculate quarterly quote total

There are 4 quarters in a year, so multiply the quarterly payment by 4.
$\$250 \times 4 = \$1000$

Step3: Identify yearly quote total

The yearly payment is given directly.
$\$950$

Step4: Calculate interest for monthly quote

Subtract the base yearly payment from the monthly quote total.
$\$1020 - \$950 = \$70$

Step5: Calculate interest for quarterly quote

Subtract the base yearly payment from the quarterly quote total.
$\$1000 - \$950 = \$50$

Step6: Calculate interest for yearly quote

The yearly quote has no additional interest.
$\$950 - \$950 = \$0$

Answer:

1. Total yearly payments:

• Monthly payment plan: $\$1020$
• Quarterly payment plan: $\$1000$
• Yearly payment plan: $\$950$

1. Additional interest (compared to the yearly payment):

• Monthly payment plan: $\$70$
• Quarterly payment plan: $\$50$
• Yearly payment plan: $\$0$