Question 1 Nate is uprading his means of transportation and wishes to purchase a new electric scooter. The scooter he wants has a cash price of $1700. Nate could enter into an agreement to buy one of these scooters from a supplier where he pays a deposit of $425 and 18 monthly payments of $90. A flat rate of interest applies. a. What would be the best way to describe Nate's agreement: reducing balance loan, interest-only loan, hire purchase, cash payment? b. What is the total cost of the scooter under this agreement? c. How much money would Nate actually borrow under this agreement and how much interest would he pay? d I Write down the simple interest formula and change the formula so that the rate r is the subject. II Find the annual flat rate of interest that applies to Nate's agreement. (Give your answer as a percentage to the nearest whole number). iii Suppose that Nate could negotiate a discount with the supplier so that his payments are reduced to $80 per month for 18 months. Determine the annual flat rate of interest (as a percentage to the nearest whole number) under these new conditions. Question 1 Nate is uprading his means of transportation and wishes to purchase a new electric scooter. The scooter he wants has a cash price of $1700. Nate could enter into an agreement to buy one of these scooters from a supplier where he pays a deposit of $425 and 18 monthly payments of $90. A flat rate of interest applies. a. What would be the best way to describe Nate's agreement: reducing balance loan, interest-only loan, hire purchase, cash payment? b. What is the total cost of the scooter under this agreement? c. How much money would Nate actually borrow under this agreement and how much interest would he pay? d I Write down the simple interest formula and change the formula so that the rate r is the subject. II Find the annual flat rate of interest that applies to Nate's agreement. (Give your answer as a percentage to the nearest whole number). iii Suppose that Nate could negotiate a discount with the supplier so that his payments are reduced to $80 per month for 18 months. Determine the annual flat rate of interest (as a percentage to the nearest whole number) under these new conditions