Baney_Robert_wk2 - Math Application Assignment #1...

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Math Application Assignment #1 DIRECTIONS: Answer the following questions. First, save this file to your hard drive by selecting Save As from the File menu as (Your First Last Name) – Math Application Assignment 1.doc . Click the white space below each question to maintain proper formatting – You might consider typing in a different colored font or highlighting your answers to make them more visible. Make sure to show your work and explain your thinking. Refer to the rubric on the last page before completing this assignment in order to know the grading criteria and point values. 1. You have recently found a location for your bakery and have begun implementing the first phases of your business plan. Your budget consists of an $85,000 loan from your family and a $36,125 small business loan. These loans must be repaid in full within 10 years. a. You will use 25% of your budget to rent business space and pay for utilities. Write an algebraic expression that indicates how much money will be spent on business space and utilities. How much money will rent and utilities cost? Make sure to answer both parts of this question. 85,000 + 36,125 = A*.25 First you must add up the total amount of money that you have. Than you must multiply that by 25% to see the cost of rent and utilities. b. Your small business loan of $36,125 (principal) needs to be repaid within 10 years. The bank gives you the loan at 9.5% interest rate. Use the formula for simple interest to calculate the amount of interest you will pay on this loan. Show your work and/or explain your thinking.
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Baney_Robert_wk2 - Math Application Assignment #1...

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