October 8, 2015

Homework Help: Math

Posted by sarah on Monday, June 24, 2013 at 6:36pm.

I need help with this I keep putting the numbers in wrong on the formula ! PLEASE HELP
Price of article = $315.50

Down payment = $31.55

Monthly payment amount = $16.50

Duration of payments = 20 months

True annual interest rate to the nearest tenth = %

Formula: I(Interest)= 2YC/M(N+1)

y = payments per year; c = total interest paid; m = amount financed; n = total number of payments.

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