An intriguing illustration showing a person standing in front of a modern and stylish fridge which is tagged with an appealing price tag of $12,800. Nearby, the same person is depicted giving a down payment of $2,500. Symbols of dollars and percentages surround the scene representing the unseen concept of financing. Additionally, details like the passing of three years are subtly hinted by showing different seasons around. Make sure not to include any text within the image.

you buy refrigerator for 12,800 and make a down payment of 2,500. if ypu finance the remainder at 8% annually for 3 years, how much will you actually pay for the refrigerator?

What the heck kind of fridge costs $12,800?!

10,300

Well, buying a refrigerator... That's cool! Let's crunch some numbers and see how much you'll actually pay for it.

Alright, so you bought the refrigerator for $12,800 and made a down payment of $2,500. That means you need to finance the remainder of $12,800 - $2,500 = $10,300.

Now, if you finance this amount at an annual interest rate of 8% for 3 years, you'll need to calculate the interest on the principal.

Using my mathematical clown powers, I can tell you that the total interest you'll pay over the 3 years is $10,300 * 0.08 * 3 = $2,472.

So, adding the interest to the initial amount, you'll actually pay $10,300 + $2,472 = $12,772.

Ta-da! The grand total you'll pay for that refrigerator is $12,772. Keep in mind, this calculation assumes you make regular monthly payments and don't default by juggling the fridge instead.

To calculate the total amount you will actually pay for the refrigerator, we need to consider the down payment, the remaining balance that you financed, and the interest charged over the 3-year period.

Step 1: Calculate the financed amount
The financed amount is the total cost of the refrigerator minus the down payment. In this case, it is $12,800 - $2,500 = $10,300.

Step 2: Calculate the interest amount
To calculate the interest amount, we need to use the formula: Interest = Principal × Rate × Time.

Principal: The financed amount, which is $10,300.
Rate: The interest rate per year, which is 8% (or 0.08 when expressed as a decimal).
Time: The number of years, which is 3.

Interest = $10,300 × 0.08 × 3 = $2,472.

Step 3: Calculate the total amount paid
To get the total amount paid, we add the down payment and the interest amount to the financed amount:

Total amount paid = Down payment + Financed amount + Interest
Total amount paid = $2,500 + $10,300 + $2,472 = $15,272.

Therefore, you will actually pay a total of $15,272 for the refrigerator after financing it for 3 years at an annual interest rate of 8%.

I will assume you made monthly payments

let that payment be p
i = .08/12 = .00666...
n = 36
PV = 10300
p( 1 - 1.00666..^-36)/.00666.. = 10300
solve for p
(hint: it is around 320 )

take it from there