Answer:
The answer would be -4.36.
Your answer is $424.05
5,849 x 0.0725 = 424.05
John has 17000 - 2500 = 14500 left to pay after the down payment
Then add on the finance charges 14500 + 4900 = 19400
The total of $19400 is to be paid over 60 monthly instalments, so John will be paying 19400÷60 = $323.30 per month
Each of the members must raise at least $69.46.
To start they need to raise $552.50. However, they have already raised 12% of it. They only need to raise 88% of it.
552.50 x 0.88 = 486.2
Divide the remaining amount by 7 to determine how much each individual must raise.
486.2 / 7 = 69.46
