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tatyana61 [14]
3 years ago
6

For this week only, you can buy a Dell for $2988, including taxes. Included in the offer is a finance option for 4 years at an a

nnual percentage rate of 3.5%. Find the monthly payment.
Mathematics
1 answer:
rewona [7]3 years ago
8 0

Answer:

$66.80

Step-by-step explanation:

The monthly payment can be computed using the pmt formula in excel spreadsheet as shown below:

=pmt(rate,nper,-pv,fv)

the rate is the interest rate of 3.5% divided by 12 months to show interest rate per month

nper is the number of months it would take to complete the payments which is 4 years multiplied by 12 months i.e 48 months

pv is the cost of the gadget at $2,988

fv is the sum of all month payments which is not unknown

=pmt(3.5%/12,48,-2988,0)=$66.80  

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