posted by sarah on .
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
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