SOLUTION: the owners of a marina bought 9 canoes to be used as rentals at a cost of $800 per canoe. they borrowed 80% of the total cost for 7 months at 11 1/2% interest. find the amount due

Question 770876: the owners of a marina bought 9 canoes to be used as rentals at a cost of $800 per canoe. they borrowed 80% of the total cost for 7 months at 11 1/2% interest. find the amount due using simple interest
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
the owners of a marina bought 9 canoes to be used as rentals at a cost of $800 per canoe. they borrowed 80% of the total cost for 7 months at 11 1/2% interest. find the amount due using simple interest
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9*800 = 7200
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A(7) = 7200 + 7200*(0.115)(7/12) = $76,752.00
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Cheers,
Stan H.

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