Basic College Mathematics (10th Edition)

Published by Pearson
ISBN 10:
ISBN 13:

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

Answer

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
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.