Replace 1 week with an equivalent factor in days.
1 answer:
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P = A/D, Where P = Monthly payments, A = Total amount owed = 15,000-1,500 = $13,500,
r = 5% = 0.05, nt = 12*3 = 36
Therefore,
D =
= 33.37
Then,
P = 13,500/44.37 = $404.61
The correct answer is c.
r = 5% = 0.05, nt = 12*3 = 36
Therefore,
D =
Then,
P = 13,500/44.37 = $404.61
The correct answer is c.