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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.
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