Question
Shelia bought a new computer for 2000 dollars and has agreed to finance it at 12% interest, with 100 dollar payments each month. When she makes her first payment next month, how much will she pay for interest alone?
Answers
I will assume the interest rate is 12% per annum, compounded monthly, so the montyly rate is 1%
interest in the first month = 2000(.01) = $20
interest in the first month = 2000(.01) = $20
Related Questions
A computer with software costs $2,987, and Docie Johnson has agreed to pay 19% per year finance char...
Milan bought a desktop computer and a laptop computer. Before finance charges, the laptop cost $350...
Tim Worker decided to purchase a new DVD player on an installment loan. The DVD player was $365.00....