Posted by **sarah** on Wednesday, July 10, 2013 at 4:33pm.

OMG I CAN NOT get this !!!!

Purchase price of article = $495

Down payment = $50

Number of payments = 36

True annual interest rate = 18%

Monthly payment amount = $

The formula is I= 2YC

________

M(N+1)

y = the number of payments made in a year.

m = the amount financed or how much money was loaned.

c = the total amount of interest charges.

n = the number of payments for the whole loan.

I = interest

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