Mathematics: Landon Wallin is an auto mechanic who wishes to start his own business. He will need $4300 to purchase tools and equipment. Landon decides to finance the purchase with a 48 month fixed installment loan with an APR of 5.5%. Determine Landon’s monthly payment and Finance charge.

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Landon Wallin is an auto mechanic who wishes to

Ответ:

JammedBanjo58

23.01.2022

Mathematics

London's monthly payment $100.

Finance charge $500.

Step-by-step explanation:

The formula of per month payment:

$PV=PMT(\frac{1-(1+\frac rn)^{-t}}{\frac rn})$

= (PMT×t)-PV

PV= present value

PMT=Monthly payment

r= rate of interest

t=time

n= Number of interest per month

Landon Wallin needs $4300 to purchases a tool and equipment. He decides to finance the purchase with a monthly installment for 48 months.

Here,

PV=$4300, r=5.5%=0.055, t=48 months, n=12

$4300=PMT(\frac{1-(1+\frac{0.055}{12})^{-48}}{\frac{0.055}{12}})$

$\Rightarrow 4300= PMT\{\frac {(1-(1+\frac{0.055}{12})^{-48}).12}{0.055}\}$

$\Rightarrow PMT=\frac{4300\times 0.055}{(1-(1+\frac{0.055}{12})^{-48}).12}$

$\Rightarrow PMT=\frac{236.5}{(1-(1.0046)^{-48}).12}$

$\Rightarrow PMT\approx100$

London's monthly payment $100

= (100×48)-4300

=4800-4300

=$500

Finance charge $500.

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Landon Wallin is an auto mechanic who wishes to start his own business. He will need $4300 to purchase tools and equipment. Landon decides to finance the purchase with a 48 month fixed installment loan with an APR of 5.5%. Determine Landon’s monthly payment and Finance charge.

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