Friday

July 25, 2014

July 25, 2014

Posted by **Jassie** on Saturday, December 1, 2012 at 6:49am.

(i) the amount of interest using the constant ratio formula,

(ii) the monthly payment,

(iii) the installment price of the speed boat

- Instalment purchases -
**Reiny**, Saturday, December 1, 2012 at 10:53amI am not familiar with some of the terms in your question, but ...

amount to be financed = 60000(.7) = 42000

let the payment be p

i = .06/12 = .005

n = 5(12) = 60

42000 = p (1 - 1.005)^-60)/.005

p = 811.98

The monthly payment is 811.98

See what you can do with that.

**Related Questions**

Business maths - Instalment purchases - The cash price of a speed boat is RM60,...

math - Jeanna wants to buy a new boat for her family. She has two payment ...

Business math - Find the installment price of a recliner bought on the ...

consumer math - Nikki borrowed $500 at 9% interest for 12 months under a ...

math - I need help calculating (a) the total installment price. (b) the carrying...

math - Nathaniel want to buy a new bike. His payment options are: Option 1: Pay...

math - Nathaniel want to buy a new bike. His payment options are: Option 1: Pay...

math - Calculate (a) the total installment price, (b) the carrying charges, and...

math - Wallace and Sarah purchased furniture for their new home. They had two ...

Monthly payment-Math - Okay here is my question two guys buy a new room for $10,...