Basic College Mathematics (10th Edition)

Published by Pearson
ISBN 10: 0134467795
ISBN 13: 978-0-13446-779-5

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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