Last year’s freshman class at Big State University totaled 5,303 students. Of those, 1,262 received a merit scholarship to help offset tuition costs their freshman year (although the amount varied per student). The amount a student received was N($3,458, $454). If the cost of full tuition was $4,400 last year, what percentage of students who received a merit scholarship did not receive enough to cover full tuition?

You are looking at a one-year loan of $16,500. the interest rate is quoted as 8.7 percent plus two points. a point on a loan is 1 percent (one percentage point) of the loan amount. quotes similar to this one are common with home mortgages. the interest rate quotation in this example requires the borrower to pay two points to the lender up front and repay the loan later with 8.7 percent interest. what rate would you actually be paying here?