-MATH 105-04 SPRING18 CREWS ath Homework: 3.3-3.4 Annuities and Sinking Funds HW

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-MATH 105-04 SPRING18 CREWS ath Homework: 3.3-3.4 Annuities and Sinking Funds HW2 Save Score: 0 of 1 pt | 7of12 (5 complete) HW Score: 33 33%, 4 of 12 pts TEl Bus Econ 3.4.31 Question Help * If you buy a computer direct y from the manufacturer for S2 529an d agree to re much are your monthly payments? How much total interest will be paid? ry tin 60 equal instalments at 1 66% interest per month on the unpad balance, how Your monthly payment is (Round to two decimal places ) nts nts Enter your answer in the answer box and then click Check Answer os1 Pemaining This course (MATH 105-04 SPRING18 CREWS based on Bamet A. here to search

Explanation / Answer

price of computer = $ 2529

repay in 60 installments

interst rate = 1.66% per month

applying monthly payment formula

P = r ( PV) / ( 1- (1+r)^-n )

P = .0166 / 12 ( 2529 ) / ( 1 - ( 1+ .0166/12)^-60

P = 43.966

monthly payment is $ 43.97

interest paid = 43.97* 60 - 2529 = $ 109.02

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