Original price 32; markdown 12.5% what is the retail price

1 answer:

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Hello! The mark down is 12.5%, which means that will still have to pay a portion of the price. Mark down is a discount, where the price of the item goes down. To find the amount that needs to still be paid, subtract 12.5 from 100. 100 - 12.5 is 87.5 You still have to pay 87.5% of the price. Now, let's multiply that number by 32 to get the new price. 32 * 87.5% (0.875) is 28. There. The retail price is $28.

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Nolan Walker decided to buy a used snowmobile since his credit union was offering such low interest rates. He borrowed $2,700 at

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Using the formula for simple interest, it is found that he paid $119.87 in interest.

The<u> simple interest formula</u> is given by:

$E = PIt$

E is the amount of interest earned.
P is the principal(the amount of money invested).
I is the interest rate(yearly, as a decimal).
t is the time, in years.

In this problem:

Borrowed $2,700, thus $P = 2700$
Interest rate of 3.5%, thus $I = 0.035$
From December 26, 2019 to February 21, 2021, there were 423 days, thus the time in years is $t = \frac{423}{365} = 1.2685$