Question
Tobin borrowed $5000 from the bank in order to buy a new piano. He will pay it off by equal payments at the end of each week for 4 years. The annual interest rate is 3.5%. Determine the size of payments, and the total interest paid.
Express your answers rounded to the nearest cent!
Express your answers rounded to the nearest cent!
Answers
Ms. Sue
I = PRT
I = 5,000 * 0.035 * 4
I = 700
(5,000 + 700)/(4 * 52) = _____ weekly payments
I = 5,000 * 0.035 * 4
I = 700
(5,000 + 700)/(4 * 52) = _____ weekly payments