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.
c) How much money will rent and utilities cost? Explain how you arrived at this answer.
d) Suppose an investor has increased your budget by $22,250. The investor does not need to be repaid. Rather, he becomes part owner of your business. Will the investor contribute enough money to meet the cost of rent and utilities? Support your answer, and write an equation or inequality that illustrates your answer
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1. You have recently found a location for your bakery and have begun impletenting 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 amounts must be repaid in full within 10 years.
a) What integer would represent your total budget?
b) 25% 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.
c) How much money will rent and utilities cost? Explain how you arrived at this answer.
d) Suppose an investor has increased your budget by $22,250. The investor does not need to be repaid. Rather, he becomes part owner of your business. Will the investor contribute enough money to meet the cost of rent and utilities? Support your answer and write an equation or inequality that illustrates your answer.
a) The total budget can be represented by the sum of the family loan and the small business loan. Therefore, the integer representing the total budget is $80,000 + $38,250 = $118,250.
b) Let's represent the amount spent on business space and utilities as a variable, say 'x'. Since 25% of the budget will be spent on rent and utilities, the algebraic expression would be 0.25x.
c) To find out how much money will be spent on rent and utilities, we need to evaluate the value of 'x'. This information is not given in the question, so we cannot determine the exact cost without additional details.
d) If the investor has increased the budget by $22,250, then the new total budget would be $118,250 + $22,250 = $140,500. To determine whether this is enough to cover the cost of rent and utilities, we need to compare it with the amount calculated in part c. If the value of 'x' evaluated in part c is less than or equal to $140,500, then the investor has contributed enough money to meet the cost. If the value of 'x' is greater than $140,500, then additional funds may be required.
Please note that without additional information, it is not possible to solve for the exact values in parts c and d. These steps provided are a general approach to solving the problem based on the given information.