Question
Find c and I. Choose the right answers.
Hint: c = total of payments - amount financed
Amount Financed (m) = $3,500
Number of Payments per year (y) = 12
Number of Payments (n) = 36
36 payments of $104.50 each.
To the nearest penny, total interest(c) = $
To the nearest tenth, I =
Hint: c = total of payments - amount financed
Amount Financed (m) = $3,500
Number of Payments per year (y) = 12
Number of Payments (n) = 36
36 payments of $104.50 each.
To the nearest penny, total interest(c) = $
To the nearest tenth, I =
Answers
Henry
Po = $3,500, T = 3 Years, P = 36 * 104.50 = $3762.
Int. = P-Po = 3762 - 3500 = $262.
Int. = 3500*r*3 = 262, 10,500r = 262, r = 0.025 = 2.5% = APR.
Int. = P-Po = 3762 - 3500 = $262.
Int. = 3500*r*3 = 262, 10,500r = 262, r = 0.025 = 2.5% = APR.
tracy
answer is either 4.5 4.7 or 4.9