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August 22, 2014

August 22, 2014

Posted by **Roxana** on Thursday, August 25, 2011 at 6:26pm.

- MATH -
**Henry**, Friday, August 26, 2011 at 3:28pm% Financed = 100% - 18% = 82%.

Amt. Financed = $24,000 * 0.82 = $19,680.

Pt = Po*r*t / (1 - (1+r)^-t).

r = 4.5% / 12 = 0.375% = 0.00375 = Monthly % rate expressed as a decimal.

Pt=(19680*0.00375*36)/(1-(1.00375)^-36,

Pt=2656.80 / 0.126063452 = $21,075.10.

Int.=Pt - Po=21075.10 - 19680=$1395.10

Monthly Payments=21,075.10 / 36 = $585.42.

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