The sale price S (in dollars) of an item is given by the formula
S=L−rL , where L is the list price (in dollars) and r is the discount rate.
Since, S = L -rL
rL = L -S
r =
r =
Since, the listed price of the shirt is $30, we have to find the discount rate.
Therefore, r = is the discount rate.
Answer:
He should pay $2,790.7.
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
In which E is the amount of interest earned, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time, in years.
After t years, the total amount of money is:
In this question:
Rate of 10%, so I = 0.1.
9 months, so
How much should he pay for a note that will be worth $3,000 in 9 months?
We have to find P for which T = 3000. So
Then
He should pay $2,790.7.