bellanna
Answered

12 Points!

Math help needed

i did the first part, i hope i did it right.

AThe 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

BWhat is the total amount, including interest, which the shoe store must pay on the loan?

question # 3

CHow could you use estimation to determine if your answer is reasonable? Explain.

Verified Answer :

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.

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