1. You have recently found a location for your bakery and have begun implementing the first phases of your business plan. Your budget consists of an $80,000 loan from your family and a $38,250 small business loan. These loans must be repaid in full within 10 years.
The first question is What integer would represent your total budget?
My answer is: $118,250.00
Second question is Twenty-five percent of your budget will be used to rent business space and pay for utilities. Write an algebraic expression that indicates how much money will be spent on business space and utilities. Do not solve.
How do I write this expression? would it be 0.25*x= 118,250
Third question is How much money will rent and utilities cost? Explain how you arrived at this answer.
118,250 *0.25= 29,562.50
are these correct? and if not what is the correct answer and what did I do wrong? can anyone help check my answers please thanks..
1st and 3rd questions look ok. Isn't the answer to the second question the same as the third except that the third is solved and the second one is to be the expression? So it seems to me that y = amount spent on utilities and rent = 0.25*118,250.
Your answer to the first question is correct. The total budget would indeed be $118,250.00, which is the sum of the $80,000 loan from your family and the $38,250 small business loan.
For the second question, you need to write an algebraic expression to represent the amount of money that will be spent on business space and utilities, considering that it is 25% of your budget.
To write the expression, you can multiply the budget by 0.25, which represents 25% in decimal form. So the correct algebraic expression would be:
0.25 * x, where x represents the total budget ($118,250.00).
Regarding the third question, to calculate how much money will be spent on rent and utilities, you need to substitute the value of x, which is the total budget, into the algebraic expression and perform the calculation.
0.25 * $118,250.00 equals $29,562.50.
Therefore, your answer to the third question is correct as well. The rent and utilities would cost $29,562.50.
Overall, your answers are correct, and you have correctly calculated the total budget as $118,250.00 and the cost of rent and utilities as $29,562.50. Well done!