bellanna
Answered

Discover the best answers at Westonci.ca, where experts share their insights and knowledge with you. Experience the ease of finding reliable answers to your questions from a vast community of knowledgeable experts. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.

12 Points!
Math help needed
i did the first part, i hope i did it right.
a) The shoe store manager borrowed $17,000.00 from the bank to purchase 1000 pairs of shoes. The bank charges a simple interest rate of 5% per year on a loan to a business. If it takes 3 years to pay back the loan and interest, what is the total amount of interest that the shoe store will pay?
I = P*r*t
Or
I=PRT
So
17000*0.05*3= the interest
Meaning that the interest is: $2550.00
So: the total amount that the shoe store will pay back to the bank is $2550.

question # 2
b) What is the total amount, including interest, which the shoe store must pay on the loan?

question # 3
c) How could you use estimation to determine if your answer is reasonable? Explain.

Sagot :

iGreen
Part A is correct..however, this part in it is not:

"So: the total amount that the shoe store will pay back to the bank is $2550."

That only represents the total amount of INTEREST the shoe store will pay back, not the total amount.

Part B:

The total amount will be 17,000 + 2550 = $19,250.
Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. We hope this was helpful. Please come back whenever you need more information or answers to your queries. Find reliable answers at Westonci.ca. Visit us again for the latest updates and expert advice.