Betty is in the process of opening her own business – a coffee shop in downtown Fargo, North Dakota. With the Grand Opening a month away, she runs the numbers involved in her upfront expenses: $5,400 for local advertising, $2,700 for the security deposit and first month’s rent, $390 for a business license, and $17,200 for a down payment on equipment and furniture. As an incentive to create new businesses in its downtown area, the city of Fargo will waive half of the cost of Betty’s business license.
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Sorry I didn’t realize. This what I want to find out for Betty
How much money does Betty need to cover these upfront items?
To calculate Betty's upfront expenses for her coffee shop, we need to add up all the costs involved. Let's break it down:
1. Local Advertising: $5,400
2. Security Deposit and First Month's Rent: $2,700
3. Business License: $390
4. Down Payment on Equipment and Furniture: $17,200
To find the total before the waiver, we sum up the numbers:
Total Expenses = Local Advertising + Security Deposit and First Month's Rent + Business License + Down Payment on Equipment and Furniture
Total Expenses = $5,400 + $2,700 + $390 + $17,200
Total Expenses = $25,690
Now, let's calculate the amount that Fargo will waive for Betty's business license. The city is offering to waive half of the cost, which means:
Waived Amount = 50% of Business License cost
Waived Amount = 50% * $390
Waived Amount = $195
Finally, to get the total upfront expenses after the waiver, we subtract the waived amount from the total expenses:
Total Expenses after Waiver = Total Expenses - Waived Amount
Total Expenses after Waiver = $25,690 - $195
Total Expenses after Waiver = $25,495
Therefore, Betty's upfront expenses for her coffee shop, after the waiver from the city of Fargo, amount to $25,495.