SOLUTION: The owners of a marina bought 6
canoes to be used as rentals at a cost of ​$400
per canoe. They borrowed 80
​%
of the total cost for 10
months at 7 and o
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-> SOLUTION: The owners of a marina bought 6
canoes to be used as rentals at a cost of ​$400
per canoe. They borrowed 80
​%
of the total cost for 10
months at 7 and o
Log On
per canoe. They borrowed 80
%
of the total cost for 10
months at 7 and one half
%
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 6 canoes to be used as rentals at a cost of $400per canoe. They borrowed 80% of the total cost for 10months at 7 and one half % interest. Find the amount due using simple interest.
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Amt. borrowed:: 0.8*6*400 = 0.8*2400 = $1920
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Amt Due = 1920(1+rt) = 1920+1920*0.075*(10/12) = $2040
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Cheers,
Stan H.
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