Mathematics, 06.05.2020 06:17 lexidecker243
Ed wants to borrow $20,000 from a bank to open a small gym. Three banks charge different interest rates. Use the table.
Bank
Annual Interest Rate
Repayment Period
Average Montly Sales
Monthly Loan Payment
Estimated Percent Profit
First
7.5%
1 year
$7,500
$1,792
9.4%
City
8.2%
1 year
$7,500
$1,803
9.3%
Star
9%
1 year
$7,500
$1,817
9.1%
Ed’s goal is to make the most profit. Why does the highest percent profit occur with the smallest annual interest rate? Explain.
Answers: 3
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Ed wants to borrow $20,000 from a bank to open a small gym. Three banks charge different interest ra...
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