Homework Help: math

Posted by Akron Oh on Wednesday, June 6, 2012 at 1:26pm.

Shelia bought a new computer for 2000 dollars and has agreed to finance it at 12% interest, with 100 dollar payments each month. When she makes her first payment next month, how much will she pay for interest alone?

math - Reiny, Wednesday, June 6, 2012 at 2:01pm
I will assume the interest rate is 12% per annum, compounded monthly, so the montyly rate is 1%

interest in the first month = 2000(.01) = $20

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