Asked by sarah (I DON'Tget this)

OMG I CAN NOT get this !!!!
Purchase price of article = $495

Down payment = $50

Number of payments = 36

True annual interest rate = 18%

Monthly payment amount = $
Answered by sarah (I DON'Tget this)
The formula is I= 2YC
________
M(N+1)

y = the number of payments made in a year.
m = the amount financed or how much money was loaned.
c = the total amount of interest charges.
n = the number of payments for the whole loan.
I = interest
Answered by Ms. Sue
Here's my solution:

495 - 50 = 445 >> amount financed

Interest = PRT

Interest = 445 * 0.18 * 3

I = 240.30

(240.30 + 445) / 36 = $19.04 >> monthly payments
Answered by Meg
I have the exact same question but the only answers listed for the multiple choice question are:

A- 12.55
B-14.59
C-14.84
D-15.79
Answered by Lynda
D. 15.79
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