Answer: $222.73
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Work Shown:
x = pre-GST price
10% of x = 0.10x = tax amount
x + 0.10x = 1.10x = post-GST price = 245
1.10x = 245
x = 245/1.10
x = 222.7272 approximately
x = 222.73 is the price before tax.
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Check:
10% of 222.73 = 0.10*222.73 = 22.273 = 22.27
The tax amount ($22.27) is added to the pre-GST price to get
22.27+222.73 = 245
which matches the post-GST price mentioned.
The answer is confirmed.
Or another way to confirm the answer is to calculate this
1.10*222.73 = 245.003 = 245
Answer:
$72,100
Step-by-step explanation:
To calculate the total principal+interest payment, you can use the formula to find the future value:
FV=PV(1+i)^n
FV= Future value
PV= Present value= $58,200
i= Interest rate= 7.40%
n= Number of periods of time= 3 years
Now, you can replace the values on the formula:
FV=58,200*(1+0.0740)^3
FV=58,200*(1.0740)^3
FV=72,100
According to this, the answer is that the total principal + interest payment will be $72,100.
