Mark all of the statements that are true.
1 answer:
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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