i am in the 6th and learning but stuck on this big one.
NANCY IS GOING ON A TRIP THAT COST 4800.00 PLUS 216. FOR TAX SHE IS DEPOSITING 1200. SHE WILL PAY IT OFF IN 24MONTHS WHAT ARE HER PAYMENTS? i KNOW THE ANSWER BUT DO NOT KNOW HOW TO WRITE IT AS AN EQUATION, pLEASE SHOW ME.
1 answer
What is the interest rate? Are the payments made monthly? It sounds like she starts out owing $3816. If there were no interest rate charged, the payments would be 3816/24 = $159 per month