bellanna bellanna

10-03-2015
Mathematics

Answered

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 = Prt
Or
I=PRT
So
170000.053= 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.

Answer :

10-03-2015

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.

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