a radio commercial for a loan company states: "You only pay 10 cents a day for each $500 you borrowed." If you borrow $2000 for 50 days, what amount will you repay.
.1*2000/500 * 50=.1*4*50=20 dollars
(2000/500)(0.1 * 50) = _______ Add that to $2,000 for the total you will repay.
To calculate the amount you will repay, we need to follow three steps.
Step 1: Calculate the number of 10¢ blocks you need for $2000.
Since you are charged 10 cents per $500 borrowed, you will need to divide the amount you borrowed by $500 and then multiply it by the cost in blocks of 10 cents: $2000 ÷ $500 = 4 blocks.
Step 2: Calculate the total cost of each 10¢ block.
Since the commercial states that you only pay 10 cents per day for each $500 borrowed, calculate the total cost of each 10¢ block per day: 10¢ × 50 days = $5.
Step 3: Multiply the number of blocks by the cost per block.
Multiply the number of 10¢ blocks needed (4 blocks) by the daily cost of each block ($5 per day): 4 blocks × $5/day = $20.
Therefore, you will repay a total amount of $20 for borrowing $2000 for 50 days.