Julia purchased a new sofa for $1300 and made a 15% down payment and financed the rest over 12 months. The store charged 11% interest on the amount financed.

Question

Find the down payment $

Find the amount financed: $

Find the interest paid: $

Find the monthly payment $

Answer 1

Down payment: 0.15 * 1300 = d

Amount financed: 1300 - d = c

Interest paid: 0.11 * c = b

Monthly payment: b/12