Can you explain to me how to solve this equation. Max wants to borrow $50,000.00 to move his vitamin store to a better location. However, his credit history is poor. His bank will lend him only $37,000.00 and then only at a high ordinary simple interest rate of 12¼%. If Max cannot pay more than $3,500.00 in interest, find the longest period of time the money may be borrowed. Round your answer to the nearest day.
Can you explain to me how to solve this equation. Max wants to borrow $50,000.00 to move his vitamin store to a better location. However, his credit history is poor. His bank will lend him only $37,000.00 and then only at a high ordinary simple interest rate of 12¼%. If Max cannot pay more than $3,500.00 in interest, find the longest period of time the money may be borrowed. Round your answer to the nearest day.
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Can you explain to me how to solve this equation.
Max wants to borrow $50,000.00 to move his vitamin store to a better location. However, his credit history is poor. His bank will lend him only $37,000.00 and then only at a high ordinary simple interest rate of 12¼%. If Max cannot pay more than $3,500.00 in interest, find the longest period of time the money may be borrowed. Round your answer to the nearest day.
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