Asked by Anonymous
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
Answered by
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
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