Starting your own business can be exciting and daunting at the same time. Busine

Question

Starting your own business can be exciting and daunting at the same time. Businesses use math when managing finances, determining production levels, designing products and packaging, and monitoring labor. A bakery can be a highly profitable and rewarding business.

Initial Budget:
$80,000 loan from family
$38,250 small business loan from bank
All loans to be repaid in 10 years

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? $38,250 + $80,000 = n over 10?

Explanation / Answer

Your total budget is just the total amount of money you have available so it would be 80,000 + 38,250. So 118,250

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