Problem Set 1

1. A store has a sale with 12 % off every item. When you enter the store, you receive a coupon that states you receive an additional 8 % off the sale price. If you purchase an item that sells for $350, what will your total discount be (a) in dollar amount and (b) in percent?2.You buy items costing $3000 and will finance the cost with a fixed installment loan. You will finance at 5% simple interest per year. You are told that your interest will amount to $600.a. How many years will you be paying?b. What will be your monthly payment?