Question

Pete Frank bought a computer for $4,000. Pete put down $500 and financed the balance at 10 1/2% for 36 months. What is his monthly payment

Answer 1

do you have formulas for these? the usual ones are fairly sophisticated

Answer 2

here it is: 4000-500=3,500
3,500/1000 = 3.5X32.50 = $113.75 is the monthly payment
the number 32.5 cames from the amortization table in your book.