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.

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!

Ms. Sue · Answer

I = PRT I = 5,000 * 0.035 * 4 I = 700 (5,000 + 700)/(4 * 52) = _____ weekly payments