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Interest

Interest.

damien
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Interest

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  1. Interest Erick wants to start a company. To start it up he needs to buy the building plus all of the equipment needed. The total amount needed for this job is $750,000.00. Two banks have quoted him a rate. Bank 1 will loan him the money he needs at 7% interest calculated annually. Bank 2 will loan him the money he needs at 5% interested calculated annually. How much money will he save in his first year with Bank 2?

  2. Tax • Congressmen X is proposing a 5% decrease on the taxes in order to continue to fund a highway project in his state and appease voters at the same time. Currently each year the project receives $2,000,000 dollars a year for this project. • Congressmen Y is proposing a 10% decrease to the project and is very popular with voters wanting to lower taxes. • The project Contractor has stated he cannot finish the job for less than $1,850,000. • Which of the two plans is going to be able to successfully complete the project? How much money would be left over? • Why would one project be more popular than the other?

  3. Markup • A store owner buys a couch for $1500.00 dollars. He then sells it on the show room floor for $3300.00. What percentage of the sell price is markup? A mathematical model may help.

  4. Markdown • Continuing with our store owner he finds that he cannot sell the couch for $3,300.00 so he marks the couch down to $3,000.00. In terms of the Markup price how much did he markdown the from his mark up? • Hint the $3300.00 now becomes 100% so what is $3000.00 in relation to $3300.00?

  5. Gratuity • A waiter works all month and sells $5,520.00 in meals. After averaging her gratuity she received %15 in gratuity or tips. How much money did she make this month?

  6. Commission • The salesman sold washing machines all month. Each washing machine was $500.00. He received 5% for each sale. He had to earn $1500.00 in order to pay his living expenses. How many washing machines does he have to sell in order to make ends meet? • Assuming there are 30 days in the month how many does he have to sell every day to stay on track?

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