Samuel paid $720 for a new music system. The list price for the music system was $800. What was his rate of discount?
1 answer:
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Answer:
monthly payment is $377
C is the correct option.
Step-by-step explanation:
The formula for the monthly payment is given by
Given that,
P = $20,000
n = 5 years = 60 months
r = 0.05
Substituting these values in the formula
On simplifying, we get
Therefore, the monthly payment is $377
C is the correct option.