SOLUTION: owners of a marina bought 7 canoes to be used as rentals at a cost of ​$400 per canoe. They borrowed 60% of the total cost for 11 months at 8 and one half % interest. Find t
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Question 1090356: owners of a marina bought 7 canoes to be used as rentals at a cost of $400 per canoe. They borrowed 60% of the total cost for 11 months at 8 and one half % interest. Find the amount due using simple interest.
Found 2 solutions by addingup, MathTherapy:
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
7 x 400 = 2800
2800 x 0.60 = 1680 this is how much they borrowed
1680 x ?
You say they borrowed for 11 months at 8 1/2% interest. Interest is usually annual, per annum. Is it 8.5% for 11 months of 8.5%/year? If per year:
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1680 x (0.085/12) x 11 = 1680 x 0.0071 x 11 = 131.21 this is how much interest they have to pay
1680 + 131.21 = 1811.21 is the total
Answer by MathTherapy(10555) (Show Source): You can put this solution on YOUR website!
owners of a marina bought 7 canoes to be used as rentals at a cost of $400 per canoe. They borrowed 60% of the total cost for 11 months at 8 and one half % interest. Find the amount due using simple interest.
Amount due:
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