Homework Help: MATH

Posted by Anonymous on Wednesday, April 6, 2011 at 7:27pm.

Consider following situation..

You are going to buy this laptop at $1294.00 plus HST. You can also pay $50 a month for 30 months with down payment of $100. Compare following 3 scenarios using spreadsheets to calcuate how much you will pay.

1st Scenario:

Pay Cash

2nd Scenario:

Do monthly payment plan and save remaining money in savings account with interest rate of 1.5%. You're going to withdraw the amount frm this savings account to make ur monthly payment till all of its gone.

3rd Scenario:

Pay with Visa credit card at yearly interest rate of 18%. 30 days after purchase, you make your first payment. Interest starts 30 days after purchase. U will make amount back over 4 months.

Use May 1st as purchase date.

So confused about this assignment.

For the headings. I think I am supposed to have Month, Principal, Payment, To Interest, To Principal, and Principal Left.

I really dont get this:\

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