The locker family purchased a stereo system for $750 , made a down payment of $250 and paid 12 MONTHLY installations including 21% interest. Find the monthly payment.
2007-01-09 10:20:50 · 5 answers · asked by ♥ 6 in Science & Mathematics ➔ Mathematics
21% interest! wooow. I'm guessing this is only on the installations, not down payment?
well since they made a downpayment the installations would pay for
750 - 250 = $500.
21% interest = .21(500) = 105
The total they must pay in 1 year = 500 + 105 = $605.
Since there's 12 installations, 605 / 12 = $50.42
2007-01-09 10:32:50 · answer #1 · answered by teekshi33 4 · 0⤊ 0⤋
Just search online for an amortization calculator or use a TI-83+ OR figure out the intrest and divde the total amt by 12
2007-01-09 18:44:42 · answer #2 · answered by Love always, Kortnei 6 · 0⤊ 0⤋
12 monthly payments u mean ??? if so the answer is $50.42 per month
2007-01-09 18:36:20 · answer #3 · answered by LiL MiKeY 2 · 0⤊ 0⤋
Haha you lazy bum do your own work.
2007-01-09 18:25:08 · answer #4 · answered by Anonymous · 0⤊ 0⤋
$50.50 a month
am i right?
2007-01-09 18:30:11 · answer #5 · answered by princess_6972 2 · 0⤊ 1⤋