Question

HELP

Answer 1

you have to use the formulae

Interest = Principle x Rate x Time

I = P x R x T

r u familiar with it?

Answer 2

hey man can someone do it? im stuck for some reason..

Answer 3

i got an answer but it isnt the same as any of the 4 choices

Answer 4

because you have to use compounded interest

Answer 5

i tried that as well :/

Answer 6

can you fan me @nincompoop

Answer 7

a. $134.32
b. $195.44
c. $91.00
d. $195.09

These r the 4 choices

Answer 8

show me your solution

Answer 9

kk

Answer 10

(3276 x 126.24/100)(126.24/100)(126.24/100) = $6590.75
Since there r 36months in 3 yrs then she pays
$6590.75/36 = $183.08

Answer 11

anything wrong with it?

Answer 12

ya the formula

Answer 13

well wat is the formula im supposed to use?

Answer 14

http://finedrafts.com/files/math/precal/Larson%20PreCal%208th/Larson%20Precal%20CH3.pdf

Answer 15

@jim_thompson5910

Answer 16

answer is 195.44

Answer 17

you have to apply the compound interest over the 18-month deferred period, then find monthly payment for a 3-yr loan for new balance (3276 + interest)

Answer 18

what class is this for?
the math behind finding monthly payment involves present value equations .... or a financial calculator :)

Answer 19

or a correct formula

Answer 20

dont be a smart retrice-_-

Answer 21

i did these but i don't know if they are right also

16. Jefferson purchased some power tools totaling $1,286 using a six-month deferred payment plan with an interest rate of 21.52%. He did not make any payments during the deferment period. What will the total cost of the dining room set be if he must pay off the dining room set within two years after the deferment period?

18. Earl purchased a living room set for $3,592 using a 12-month deferred payment plan. The interest rate after the introductory period is 21.80%. A down payment of $275 is required as well as a minimum monthly payment of $112. What is the balance after the introductory period if only the minimum payment is made until then?

19. Camille purchased a motorcycle for $5,723. She made a down payment of $1,775. She applied for a four-year installment loan with an interest rate of 10.2%. What is the total cost of the motorcycle after four years?

20. Nat bought a dishwasher from a rental center for $639. He makes six monthly payments of $129.52 with his credit card. The rental center charges $2.95 for every purchase made with a credit card. He also had to pay late fees in the amount of $27 three different times. What is the total cost of the dishwasher?

Answer 22

yes i get it

Answer 23

@jim_thompson5910 why did you block me?

Answer 24

@sara1234 , i can't get to them right now.....be back in hour or so

Answer 25

First calculate the balance after the 18 month deferment period

A = P(1+r/n)^(n*t)

A = 3276*(1+0.2624/12)^(12*18/12)

A = 4835.48545526942

A = 4835.49

So the initial balance of 3276 jumps to 4835.49 after 18 months

Now you use this formula

P = L[c(1 + c)^n]/[(1 + c)^n - 1]

where

P = monthly payment
L = total loan amount (ie amount you need to pay off)
c = interest rate per period (in this case, c = 0.2624/12 = 0.0218667)
n = number of periods (n = 3*12 = 36)

to get

P = L[c(1 + c)^n]/[(1 + c)^n - 1]

P = 4835.49[ 0.0218667(1 + 0.0218667)^36 ]/[(1 + 0.0218667)^36 - 1]

P = 195.44373055992

P = 195.44

which explains how dumbcow got the answer

Answer 26

we all ready got that i need the rest :(

Answer 27

nice a formula :D 1 sec im going to eat when im back ill complete the rest -_-!

Answer 28

@dumbcow

Answer 29

-still eating- well i dont want to learn a math topic tonight, i just want to know enough to help

Answer 30

this isnt in my school syllabus but when i did the basics of this 4 yrs ago i was really gud lol :p so all i want is wat is necassary to help her :)

Answer 31

i need to go soon please help

Answer 32

ok im attempting #16 now

Answer 33

i saw that smart a.ss

Answer 34

then u do it, at least im trying

Answer 35

i need to goo :(

Answer 36

ok i never saw those formulas before lol, ok then, does it makes sense for me to do them and when ur back ill tell u my answers?

Answer 37

or by then it's too late?

Answer 38

# 16


First calculate how much the balance will be after 6 months (the deferment period)


A = P(1+r/n)^(n*t)


A = 1286*(1+0.2152/12)^(12*6/12)


A = 1430.72769779068


A = 1430.73


This means that the initial balance went from 1286 to 1430.73



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Now move onto this formula


Loan Total Cost = (c*L*n)/(1 - (1+c)^(-n))

Where

L = loan principal amount (basically the initial balance you need to pay off)
c = monthly interest rate (c = r/12)
n = number of payment periods (ie number of months)


In this case:

L = 1430.73
c = 0.0179333333333333 (c = r/12 = 0.2152/12 = 0.0179333333333333)
n = 24 (ie number of months)

Note: n = 24 months = 2 years


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Loan Total Cost = (c*L*n)/(1 - (1+c)^(-n))


Loan Total Cost = (0.0179333333333333*1430.73*24)/(1 - (1+0.0179333333333333)^(-24))


Loan Total Cost = (0.0179333333333333*1430.73*24)/(1 - (1.01793333333333)^(-24))


Loan Total Cost = (0.0179333333333333*1430.73*24)/(1 - 0.652733548964039)


Loan Total Cost = (0.0179333333333333*1430.73*24)/(0.347266451035961)


Loan Total Cost = (615.786192)/(0.347266451035961)


Loan Total Cost = 1773.23835966012


Loan Total Cost = 1773.24


So the total cost of the dining room set is $1,773.24


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For more information and a handy calculator, see the link below

http://www.calcunation.com/calculators/business%20and%20finance/vehicle-total-cost.php?princ=1430.73&yrint=21.52&month=24&calc=yes&Calculate=Calculate+Total+Cost

Answer 39

I'm not 100% sure, but for interest you multiply .2624 by 3276 to get 875.26... I haven't done interest in a really long time, so sorry.