M1332 Contemporary Math Spring 2018 Rachael Jeflerson&1 4189.40 A Homework: 13.2
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M1332 Contemporary Math Spring 2018 Rachael Jeflerson&1 4189.40 A Homework: 13.2 Consumer Credit Score: 0 of.1 pt 13.2.3 Suppose you buy an appliance costirg $21s0 at a stone charging 8% ads-on ntenest, you make a down poyment of $100, and you agree to monthy pnynens over 4 The total amount o be repaid is S? 2 of 6 (0 complete) HYV Score: 0%, 0 of 6 pts (Type an integer or decimal rounded to the nearest cem as needed) Enter your answer in the answer box and then cick Check Answer All parts showing 6 4 3Explanation / Answer
in the pic its a bit blurry so I'm taking the add on interest as 5%.
appliance cash cost = $ 2150
Down payment = $ 100
interest rate = R = 5%
no of years of monthly repayment = T = 4 years
cash cost applicable for interest = P = $ (2150-100) = $ 2050
total interest = P*R*T = $ (2050*5*4)/100 = $ 410
So the total amount to be paid after downpayment would be equal to $2050+ $410 = $ 2460
total cost would be $2460+ $ 100 (downpayment) = $ 2560
# if the interest rate is 8% you can follow the same procedure .
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