PV of the 36 payments
= 60( 1 - (1 + .045/12)^-36)/(.045/12) + 400
= ....
Stereo Inc. sells a stereo system for $400 down and monthly payments of $60 for the next 3 years. If the interest rate is 4.5% per year, find:
a) The cost of the stereo.
1 answer
1 answer