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schepotkina [342]

3 years ago

15

Use the information below to solve the problem Purchase price of article = $495 Down payment = $50 Number of payments = 36 True

annual interest rate = 18% Monthly payment amount = ______. (Hint: Calculate the total interest, add it to the amount financed, and then divide by the number of payments.)

2 answers:

erastovalidia [21]3 years ago

8 0

Amount financed

495−50

=445

Total interest

(0.18×445×37)÷(2×12)

=123.49

Total paid

445+123.49

=568.49

Monthly payment

568.49÷36

=15.79

Diano4ka-milaya [45]3 years ago

5 0

Hi :)

Amount financed
495−50
=445
Total interest
(0.18×445×37)÷(2×12)
=123.49
Total paid
445+123.49
=568.49
Monthly payment
568.49÷36
=15.79

Hope it helps

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