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.
Chapter2: Equations And Inequalities
Section2.3: Models And Applications
Problem 17SE: For exercises 17 and 18, use this scenario: A retired woman has $50,000 to invest but needs to make...
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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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