A health-food store owner buys new products for his store by borrowing against a credit line of $4,500 from one of his wholesale

Question

3 years ago

8

A health-food store owner buys new products for his store by borrowing against a credit line of $4,500 from one of his wholesale

suppliers. He is usually given 9 months to pay the money back. The store owner borrows the full amount and is told by the supplier that his monthly payments will be $600 a. How much did the distributor pay back altogether? How much in interest did the distributor pay for the loan?

Mathematics

1 answer:

tresset_1 [31] · Answer 1 · 2022-12-25T23:33:20+03:00

tresset_1 [31]3 years ago

4 0

Answer:

Loan Amount= $4500

Monthly Payment= $600

9 months= $600*9= $5400

Interest = $5400-$4500= $900