Question

Jack is buying a new refrigerator for $1,800. The distributor is charging him an annual interest rate of 10.1% and is using the add-on method to compute monthly payments. If he pays off the loan in 36 months, what are his monthly payments? If he makes a down payment of $210, how much will his monthly payments be? Do not round until the final answer. Then, round to the nearest cent.

CHOOSE ONE

A
$130.30; $7.60

B
$125.15; $7.60

C
$130.30; $57.55

D
$65.15; $57.55

Answer 1

Please help!

Answer 2

i guess you should write an exponential function
f(x) = a*c^x
where f(x) is the total amount to pay
x is the number of years
c is 1.101 as 100% + 10.1%
a is the start amount (1800)
i think the answer is d

Answer 3

You're right! Thank you!