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Carl purchased a different sort of washing machine and you will dryer from the a complete prices out of $3800. He made a downpayment off $1500 and obtained a 2 season financing to your kept matter on an interest rate off 6.2%. His monthly premiums could well be $ over 24 months.
Send returning to the acquisition off a tv getting $4000. The newest buyer agrees to an excellent 4 12 months name from the a destination rates from cuatro.5%. a) Use the formula to search for the monthly fees fee b) Determine the entire installments
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Paul bought property enjoyment program in the a whole price of $6000. 5%. Utilize the formula to decide his monthly installments. Concur that that it matches extent in Analogy step one.
Cassie ordered a new washer and you can drier from the a whole pricing from $3800. 2%. Use the formula to choose the woman monthly payments. Confirm that it suits the quantity during the Test it 1.
Determine a good) the latest yearly repayments b)the entire installment payments and you may c) new financing charge with the good 5 seasons financing of $5000 in which payments are built per year additionally the http://paydayloansconnecticut.com/taylor-corners interest rate try 6%.
Influence an effective) the annual costs b) the total payments and you can c) the latest financing costs on a beneficial 5 12 months financing from $5000 where costs are made monthly and the rate of interest is actually 6%.
When determining the fresh occasional percentage with the a cost financing be sure so you’re able to prohibit brand new down-payment when calculating new occasional fee.
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