Mathematics, 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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Ed wants to borrow $20,000 from a bank to open a small gym. Three banks charge different interest ra...

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