heyitsnott3rex
01.06.2021 •
Mathematics
1. You are planning to buy a set of furniture for an apartment. A furniture store has the perfect set
for $2,800. They offer you a two-year installment agreement requiring you put $280 down and
pay monthly payments of $120.25.
a. What is the interest (finance charge) on this installment agreement?
b. Instead of using the store's installment plan, your credit union will loan you $2,800 at an
APR of 8.2% for two years. What would be the monthly payment for this loan?
C.
How much interest would the credit union charge (the total interest you will pay)?
d.
Should you use the installment plan or borrow the money from the credit union? Explain.
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Ответ:
$715
Step-by-step explanation:
Given : Principal amount (P)= $550
Interest rate (r)= 3%
Time period (t) =10 years
WE know that the formula of simple interest is
Now, the total amount in account after 10 years = Principal+ S.I.
Therefore, the total amount in account after 10 years =