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>
Answer:
The linear relationship ( the linear equation ):
y = m x + b ( the slope-intercept form )
m = ( 50.75 - 42.25 ) / ( 5 - 3 ) = 8.50 / 2 = 4.25 ( the slope )
42.25 = 4.25 * 3 + b
b = 42.25 - 12.75
b = 29.50
y = 4.25 * x + 29.50
Answer:
The initial value is : ( 0, 29.50 ) or 29.50.
