Tim Worker buys a new sofa for $549.95. He pays 20% down and takes an installment loan to complete the purchase. He makes 12 payments which include his principal and a $50.00 finance charge. What is the APR on his loan?
The down payment is $
The amount financed is $
The monthly payment will be $
At the end of one year the monthly payments will total $
The finance charge for one year ÷ amount financed is %
6 answers
Which of these questions don't you understand?
It's all one whole question!
Can you just tell me the steps to solve each one you do not have to tell me the answer! I just need to know how to get the answer so I will know how to do this problem again ..
Can you just tell me the steps to solve each one you do not have to tell me the answer! I just need to know how to get the answer so I will know how to do this problem again ..
What is the APR on his loan?
Divide the price by his total payments. Multiply that by 100.
The down payment is $
Multiply the price by 0.2
The amount financed is $
Subtract the down payment from the price.
The monthly payment will be $
Add $50 to the amount financed. Divide by 12
At the end of one year the monthly payments will total $
Multiply the total payments by 12.
Divide the price by his total payments. Multiply that by 100.
The down payment is $
Multiply the price by 0.2
The amount financed is $
Subtract the down payment from the price.
The monthly payment will be $
Add $50 to the amount financed. Divide by 12
At the end of one year the monthly payments will total $
Multiply the total payments by 12.
Is the price 549.95?
Yes.
what is the sum of the total payments
1 answer