A carpenter spent $4500 to purchase a table saw , a circular saw, and a panel saw. He paid 5% down and financed the balance with a 30-month fixed installment loan with an APR of 5.0%. Determine the total finance charge and monthly payment for the loan.

Answer 1

All your questions deal with the use of our 4 basic compound interest formulas.
What exactly do you not understand about these questions ?
They all are very straight forward.

Answer 2

Thanks...I got it now:) It took me several hours and with a little help from my husband I understand it better.