Jake got his first job in 2010. In that year, the government took out 7.45% of each Income for Social Security and Medicare, until a person made $51,300. If Jake earned $31,340 in 2019. hoy much did he pay to Social Security and Medicare? Clearly show your work.

answer: the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.

step-by-step explanation:

the given rate of interest i= 85%

in calculating the monthly payment for a loan with an interest rate compounded monthly, the value of the interest rate per period we use in the formula must be in decimal form.

to convert it in decimal, we divide it by 100, we get

hence, the value should be used for i in the formula of calculation the monthly payment , the interest rate per period is 0.85.

only 10/60 isn't equivalent

hope this : )