Answer: After 3 hours both will have the same cost.
Step-by-step explanation:
Let x = Number of hours and y be the total cost.
Total cost = Initial cost + (cost per hour)(Number of hours)
At Mike's Bounce Shop,
Total cost (y)= 30+2x
At Jose's Bounce Rentals,
Total cost(y) = 12+8x
When both shops have the same cost, then
Total cost = 12+8(3)=12+24=$36
Hence, After 3 hours both will have the same cost.
Using the simple interest formula, it is found that the APR for the loan is of 4.472%.
<h3>What is the simple interest formula and when it is used?</h3>Simple interest is used when there is a single compounding per time period.
The amount of money after t years in is modeled by:
In which:
The parameters for this problem are:
A(t) = 6 x 511.18 = 3067.08, A(0) = 3000, t = 0.5.
We solve the equation for r to find the APR.
1 + 0.5r = 1.02236
r = (1.02236 - 1)/0.5
r = 0.04472.
More can be learned about simple interest at brainly.com/question/25296782
#SPJ1