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Mathematics 11 Online
OpenStudy (anonymous):

What formula do I use for this question? Carlee purchased a motorcycle for $9,941. She made a down payment of $3,795. She applied for a four-year installment loan with an interest rate of 13.2%. What is the total cost of the motorcycle after four years? All I really need help with is setting up the equation.

OpenStudy (mathteacher1729):

The formula (with explanation) can be found here: http://easycalculation.com/mortgage/auto-loan-emi.php

OpenStudy (anonymous):

That didn't work...

OpenStudy (anonymous):

Okay, nevermind! I got it!

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