Question

Rental of space = $68 per guest; Downpayment = 25% of total cost; Payment due one month before the reception includes a 7.4% interest payment on the balance.

Answer 1

This question is incomplete, the complete question is;

PROBLEM SOLVING WITH PERCENTS: You are planning a wedding reception for 75 guests that will take place in exactly 10 months. There are two different sites that you are contemplating using, with the stipulations on payments as described below. Determine the TOTAL cost of renting each location.

Rental of space = $68 per guest; Down payment = 25% of total cost; Payment due one month before the reception includes a 7.4% interest payment on the balance.

Answer:  Total Cost of Renting = $5312.29

Step-by-step explanation:

Given that;

Rental space = $68 per guest, down payment = 25%,  7.4% interest payment on the balance.

Total Cost of Renting = Down Payment + Remaining payment

Total Cost of Renting = $68 × Guests × 25% + ($68 × Guest - Down payment) ×  (1 + Interest *9/12)

Total Cost of Renting = $68 × 75 × 25% + ($68 × 75 - Down payment) × (1 + 7.40% × 9/12)

Total Cost of Renting = $1275 + ($5100 - 1273) × (1.0555)

Total Cost of Renting = $1275 + 4037.29

Total Cost of Renting = $5312.29