How to do it step by step easy
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We can sum two fractions if they have the same denominator, so we have to rewrite both fractions so that they'll have the same denominator.
We can generate equivalent fractions by multiplying both numerator and denominator by the same number.
So, we have
Similarly, we have
Now we can sum the fractions:
Monthly installment payment is $597 .Total payments is $28,649
Step-by-step explanation:
Down payment = $29,000×7 ÷100= $2,030
Loan amount = $29,000 - 2,030 = $26,970
Interest rate = 2.99%
Repayment period = 48 months (4 years)
simple interest formula: A = P(1 + rt) where P is the Principal amount of money to be invested at an Interest Rate R% per period for t Number of Time Periods.
= 26,970 (1+0.0299) × 4) +p =$28,648.51
Monthly payment = $596.84 (or) $597 (rounded off)
Total payments is $28,649