# Chapter 6 - Percent - 6.7 Simple Interest - 6.7 Exercises - Page 448: 50

The total amount due is $1,959,400. #### Work Step by Step The cost of the movers is$4\times485,000=1,940,000$dollars. Since 80% of the purchase price was financed the principle is$(1,940,000)(0.8)=1,552,000$dollars. interest = principle * rate * time$i=(1,552,000)(10.5)(2.5)=(162,960)(2.5)=407,400$dollars total due=principle+interest$t=1,552,000+407,400=1,959,400\$ dollars

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