Dexter purchased a flat screen TV for $3,300. With a down payment of $900,he was able to finance the balance at 8% for 5 years. Find the quarterly payments.

Question

Dexter purchased a flat screen TV for $3,300. With a down payment of $900,he was able to finance the balance at 8% for 5 years. Find the quarterly payments. 
A. $601.10
B. $201.83
C. $146.78
D. $826.52

Reiny · Answer

P(1 - (1 + .08/4)^-20)/(.08/4) = 2400 P(1 - 1.02^-20)/.02 = 2400 P = 146.78