The guy gotten an effective step three 12 months mortgage at the an interest rate off 7
Carl ordered a new washer and more dry from the a whole cost from $3800. The guy produced an advance payment away from $1500 and you may obtained a two seasons mortgage towards remaining number within an interest rate out of six.2%. Their monthly installments might be $ over a couple of years.
Refer returning to the purchase of a television for $4000. This new purchaser believes to a 4 season title on an attraction rate away from 4.5%. a) Make use of the formula to search for the month-to-month repayment commission b) Determine the full installment payments
A kitchen table set is bought having $5600. The purchase are funded having a 3 seasons financing in the an enthusiastic interest from a dozen.5%. a) Make use of the algorithm to choose the monthly repayment percentage b) Determine the entire payments.
Paul bought a property activities system from the a complete cost of $6000. 5%. Make use of the algorithm to determine their monthly installments. Concur that this matches extent during the Analogy step one.
Cassie bought a new washing machine and you may dryer within a whole costs out-of $3800. 2%. Use the algorithm to decide the lady monthly obligations. Make sure that it matches the amount during the Test it 1.
Determine an effective) the brand new annual money b)the entire payments and you will c) the fund costs with the a good 5 season mortgage of $5000 in which payments are designed a-year in addition to rate of interest is actually 6%.