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.
a) What integer would represent your total budget?
b) 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.
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a) To represent the total budget, we need to add the amount of the loan from the family ($80,000) to the small business loan ($38,250).
The total budget can be represented by the sum of these two amounts: $80,000 + $38,250 = $118,250.
So, the integer that represents the total budget is $118,250.
b) To write an algebraic expression that represents the amount of money to be spent on business space and utilities (25% of the budget), we need to multiply the total budget by 0.25.
Let's use the variable 'x' to represent the amount of money to be spent on business space and utilities. The algebraic expression would be: 0.25 * x.
However, since we already know that the total budget is $118,250, we can also substitute 'x' with this value to get the specific amount.
So the algebraic expression would be: 0.25 * $118,250.