Asked by Pat

Hi sorry i don't know if there's a reply function in this website (there should be).

So for the info, it's:
-Item: $5800
-Down payment: $600
-Finance charge: 7%
-12 months to pay
-Not sure if compound interest but I'd assume if that's how installments work.

Looking for:
-loan amount
-monthly payment
-total cost
Answered by Reiny
So after the downpayment, the present value of your loan is 5200
i = .07/12 = .0058333...
n = 12
payment ---- p
p( 1 - 1.0058333..^-12)/.0058333.. = 5200

solve for p, I will let you do the button-pushing,
let me know what you get.

Once you have p, I am sure you know how to answer the last part.
Answered by Reiny
Btw, there is a response method, I am using it right now,
it is called "Respond to this Question"
Answered by Pat
Ok i didn't know if you'd be alerted to this since its me responding to my own question. And thank you
Answered by Pat
Reiny I got something wild. 13,237,541.9906
Answered by Reiny
No idea how you got that absurd number ....

p( 1 - 1.0058333..^-12)/.0058333.. = 5200
p(1 - .9325834..)/.0058333.. = 5200
p(.067416..)/.00583333... = 5200
p(11.22712...) = 5200
p = 449.99

the .... after each number shows that I kept all decimals in my calculator
as I did my arithmetic.
I did this by storing the full results in the calculator's memory, I use an 25-year old
SHARP scientific calculator which has 7 memory registers.
Answered by Pat
Thank you very much. Web2.0calc isn't really what it's cracked up to be
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