The guy gotten a great step three seasons financing at the mortgage out-of 7

Carl purchased a new automatic washer and you can dryer on an entire costs regarding $3800. The guy generated a downpayment regarding $1500 and you will acquired a two season financing to your leftover count in the mortgage loan off 6.2%. His monthly payments could well be $ more than a couple of years.

Send back into the purchase off a tv to have $4000. The fresh customer believes so you’re able to good 4 season name within an appeal price out-of 4.5%. a) Use the algorithm to find the monthly installment commission b) Dictate the complete installment payments

A kitchen table put is paid for having $5600. The acquisition is actually financed which have an excellent step 3 seasons financing from the an interest of several.5%. a) Make use of the formula to find the month-to-month repayment percentage b) Dictate the installments.

Paul ordered a home recreation program from the a complete cost of $6000. 5%. (more…)