12 points!
math 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.