Question

Hector and Yolanda buy a plasma TV from Sparky’s Electronics on an installment plan (simple
interest add on loan). They will pay the TV off in 3 years, paying 19.25% interest.
a. If the TV cost $1299.00, what will their monthly payments be?
b. If they make an $800 down payment up front, what will their monthly payments be?

Answer 1

the interest is 1299.00 * 0.1925 = 250.0575
the total price is 1299+250.0575 =1549.0575
the pay per month is 1549.0575 / (3*12) = 43.029375
you can do the same to the second one

Answer 2

for part a I did..
1299(0.1925)3=750.1725
750.1725+1299=2049.1725
2049.1725/36= 56.92 a month

Answer 3

Interest=Prt

Answer 4

interest per year or it for all 3 years

Answer 5

doesn't say..

Answer 6

Then for part B I did.
1299-800= $499
$499(0.1925)3=288.1725
288.1725+499=787.1725
787.1725/36= $21.87 a month

Answer 7

why you multiply by 3 in calculating the interest ?

Answer 8

I=prt
Interest=(Principal)(Rate(Time)
the time is in 3 years.

Answer 9

yeah i think it's wright

Answer 10

thanks.

Answer 11

u r welcome