algebra application

posted by .

find the amount of interest and monthly payment for loan. Purchasing a living room set for $3,900 at 12% add-on interest for 2 years. (round monthly payment to the nearest cent)

  • algebra application -

    P = (Po*r*t) / (1-(1+r)^-t).

    r = 12% / 100% = 0.12 = APR expressed as a decimal.
    Po = $3900.
    t = 2 yrs.

    Plug the above values into the given Eq
    and get:

    P = $4406.08.
    Int. = P-Po = 4406.08 - 3900 = $506.08.
    Monthly = P/t=4406.08 / 24mo.= $183.59.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. algebra/math

    Find the amount of interest and the monthly payment for the loan. Purchase a car for $42,700 at 2.5% add-on rate for 5 years. (Round your answers to the nearest cent.) $ interest $ per month
  2. ALGEBRA

    Find the amount of interest and the monthly payment for the loan. Purchase a living room set for $3,400 at 12% add-on interest for 4 years. (Round your monthly payment to the nearest cent.) interest-$192.00 per month -$12.33 is this …
  3. ALGEBRA

    Find the amount of interest and the monthly payment for the loan. Purchase a living room set for $3,800 at 12% add-on interest for 2 years. (Round your monthly payment to the nearest cent.)
  4. online

    Find the amount of interest and the monthly payment for the loan. Purchase a living room set for $3,800 at 12% add-on interest for 4 years. (Round your monthly payment to the nearest cent.)
  5. ALGEBRA

    Find the amount of interest and the monthly payment for the loan. Purchase a car for $42,800 at 2.4% add-on rate for 5 years. (Round your answers to the nearest cent.) $ interest $ per month
  6. ALGEBRA

    Find the amount of interest and the monthly payment for the loan. Purchase a car for $42,800 at 2.7% add-on rate for 5 years. (Round your answers to the nearest cent.) $ interest = $ per month =
  7. ALGEBRA

    Find the amount of interest and the monthly payment for the loan. Purchase a living room set for $3,800 at 12% add-on interest for 4 years. (Round your monthly payment to the nearest cent.) $ interest $ per month
  8. MATH

    Find the amount of interest and the monthly payment for the loan. Purchase a living room set for $3,800 at 12% add-on interest for 3 years.
  9. College Math

    Find the amount of interest and the monthly payment for the loan. Purchase a living room set for $3,400 at 12% add-on interest for 5 years. (Round your monthly payment to the nearest cent.)
  10. Math

    Find the amount of interest and the monthly payment for the loan. Purchase a living room set for $3,600 at 12% add-on interest for 2 years. (Round your monthly payment to the nearest cent.) $_____ interest $_____ per month

More Similar Questions