Math Problem Statement

Sally buys a living room set (sofa, chair and coffee table) for $3380 including sales tax. The store offers her a buy now pay later deal. If she does not pay by the end of three years she will be charged a simple interest at an annual rate of 4%. (a) How much interest would she have to pay at the end of the 3 years? (b) How much would she have to pay in total for the set at the end of the 3 years?

Solution

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Math Problem Analysis

Mathematical Concepts

Simple Interest
Basic Arithmetic

Formulas

Simple Interest = Principal × Rate × Time
Total Amount = Principal + Simple Interest

Theorems

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Suitable Grade Level

Grades 6-8