The purchase of the hydroponic system by Ingrid Nilsen for $4,000 with a 20% down payment at 10% APR for 36 months, and the related calculations, are as follows:
a) down payment = $800.00 ($4,000 x 20%)
b) amount financed = $3,200 ($4,000 - $800)
c) monthly payment = $103.25
d) total amount repaid = $4,517
e) finance charge = $517
<h3>How is periodic payment computed?</h3>
The amount of the periodic payment, finance charge, and total repayment can be computed using an online finance calculator as follows:
<h3>Data and Calculations:</h3>
Auto Price = $4,000
Loan Term = 36 months
Interest Rate = 10%
Down Payment = $800 ($4,000 x 20%)
Monthly Payment = $103.25
Total Loan Amount $3,200.00
Upfront Payment = $800.00 ($4,000 x 20%)
Total of 36 Loan Payments = $3,717. ($103.25 x 36)
Total Loan Interest = $517
Total Cost (price, interest, tax, fees) = $4,517
Thus, Ingrid Nilsen repaid a total of $4,517 with $517 in interest (finance charge).
Learn more about periodic payments at brainly.com/question/13098072
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