a. To help pay for her MBA, Karen borrowed $5000 from her parents during her last year of school. The agreement was that Karen would repay the balance plus 3% interest on this personal loan once she started working.
i. Compute the amount of annual interest for this loan.
ii. If Karen pays back the loan in her first nine months of working, how much interest would she save?
b. Because she has been attending school full-time while trying to plan a wedding, Karen has been very careful with her money.
i. Karen has set a budget of $700 for flowers for the reception. Roses cost $18 per dozen and daisies cost $10 per dozen. If 50 dozen flowers are to be purchased, how many dozen of each type can be purchased to use up exactly the budgeted amount?
ii. Recently, Karen purchased her wedding dress for $900 during a sale. What was the regular selling price of the dress if the price was reduced by 1⁄4 of the regular price?