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elena55 [62]
3 years ago
11

Make a down payment of $1500 and finance the rest of $20000 at 1.9% interest rate, making equal monthly payments for 5 years.

Mathematics
1 answer:
REY [17]3 years ago
3 0
We know that we have to m<span>ake a down payment of $1500 and finance the rest of $20000 at a 1.9% interest rate, making equal monthly payments for 5 years. Our first step to solve this problem would be to convert 5 years into months. 

1 year = 12 months 

12 * 5 = 60 months 

Therefore, in 5 years there are 60 months. 

Now lets solve this problem step by step. 

Subtract the down payment from $20,000

</span>$20000-$1500=$18500

Multiply the remaining number by the interest rate. 

$18500 *1.9 = $35150 

Divide 35150 by number of months in 5 years (60)

$35150 / 60 = $585 

<span>Therefore, you have to pay $585 per month. </span>
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Step-by-step explanation:

To solve this problem you must apply the proccedure shown below:

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3 years ago
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OverLord2011 [107]

Answer:

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Step-by-step explanation:

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step 2: use the division property of equality meaning divide each side of the equation by 2

ex: 2x/2 = 52/2   (x = 26)

step 3: check your answer by putting 26 as x because that is our answer

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64 = 64 (if both sides of the equation are the same number like 64 = 64 then your answer is true meaning that x is equal to 26)

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Answer:

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Step-by-step explanation:

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3 years ago
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