The shoe store manager borrowed $17,000.00 from the bank to purchase 1000 pairs of shoes. The bank charges a simple interest rate of 5% per year on a loan to a business. If it takes 3 years to pay back the loan and interest, what is the total amount of interest that the shoe store will pay? What is the total amount, including interest, that the shoe store must pay on the loan?
How could you use estimation to determine if your answer is reasonable? Explain.