I understand the formula just dont know how to do it this way....

John bought a new computer for $1,650. He paid a $160 down payment and financed the rest for 1 year at an interest rate of 7%. Find the total interest paid on the given amortized loan assuming that John makes monthly payments. Do not round until the final answer. Then, round to the nearest cent.

Question

I understand the formula just dont know how to do it this way....

John bought a new computer for $1,650. He paid a $160 down payment and financed the rest for 1 year at an interest rate of 7%. Find the total interest paid on the given amortized loan assuming that John makes monthly payments. Do not round until the final answer. Then, round to the nearest cent.

anonymous · Answer

I understand the amorization formula i dont know what to do witht he down payment