# algebra application

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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.

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