Determine the finance rate for each applicant.

Mathematics
Determine the finance rate for each applicant.

ScanSolve AI Answer

The finance rates are determined by the following rules:

  • 4% finance rate: Credit score above 650 AND at least 95% on-time payments.
  • 6% finance rate: Credit score above 500 AND at least 90% on-time payments.
  • 7% finance rate: All other applicants.

The visible data in the table corresponds to Charlie:

  • Total payments: 1,080
  • On-time payments: 993
  • Credit Score: 575

Step 1: Calculate Charlie's on-time payment percentage. Ontimepaymentpercentage=OntimepaymentsTotalpayments×100%On-time payment percentage = \frac{On-time payments}{Total payments} \times 100\% Ontimepaymentpercentage=9931080×100%On-time payment percentage = \frac{993}{1080} \times 100\% Ontimepaymentpercentage0.91944×100%91.94%On-time payment percentage \approx 0.91944 \times 100\% \approx 91.94\%

Step 2: Determine Charlie's finance rate based on the rules.

  • Check for 4% rate:

    • Credit score (575) is not above 650.
    • On-time payments (91.94%) is not at least 95%.
    • Charlie does not qualify for the 4% rate.
  • Check for 6% rate:

    • Credit score (575) is above 500.
    • On-time payments (91.94%) is at least 90%.
    • Charlie qualifies for the 6% rate.

Therefore, Charlie's finance rate is 6%.

Step 3: Determine the finance rates for other applicants. The specific data (Total payments, On-time payments, Credit Score) for Beatrice, Daniela, and Ella is not visible in the image. However, the image shows pre-selected rates for Beatrice and Daniela.

  • Beatrice: The image shows 4% selected for Beatrice.
  • Daniela: The image shows 7% selected for Daniela.
  • Ella: No data or selected rate is visible for Ella, so her rate cannot be determined from the provided image.

The finance rates for each applicant are:

  • Beatrice: \boxed{4%}
  • Charlie: \boxed{6%}
  • Daniela: \boxed{7%}
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