, 06.05.2020 19:07 theeflyguy5

# Ed wants to borrow \$20,000 from a bank to open a small gym. Three banks charge different interest rates. To help decide the best loan option, Ed wants to know the percent profit he will make each month. Part A The cost to run the gym each month is \$5,000. Find Ed’s total monthly expenses for each loan option. Bank Repayment Period Average Monthly Sales Monthly Loan Payment Total Monthly Expenses First 1 year \$7,500 \$1,792 ? City 1 year \$7,500 \$1,803 ? Star 1 year \$7,500 \$1,817 ? Part B Ed expects to average \$7,500 in sales per month the first year. Explain how to find the monthly profit. Then find the average monthly profit for each loan option. Part C Explain how to find the estimated percent profit. Then find the estimated percent profit for each loan option.

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