Charlotte purchased a pool for $7,680 using a six-month deferred payment plan with an interest rate of 20.45%. She did not make any payments during the deferment period. What will Charlotte’s monthly payment be if she must pay off the pool within three years after the deferment period?

Question

anonymous · Answer

help please

dan815 · Answer

what happens during the deferred payment plan

dan815 · Answer

is the interest counter during that time

anonymous · Answer

i dont know

anonymous · Answer

i think so

dan815 · Answer

maybe its not counted! or theyd just give u a time and interest

dan815 · Answer

sorry i cant help you, i need to know what the question is asking too

dan815 · Answer

u want me to tell you the answer just ignoring the deferred time

anonymous · Answer

yea

dan815 · Answer

okay in that case, we want to make a the same monthy payment for 3 years and pay off all that money while it increases at a rate of 20.45%

dan815 · Answer

is it 20.45% per year or 6 months?

anonymous · Answer

ok

anonymous · Answer

6 months

anonymous · Answer

i got 236.10

dan815 · Answer

how did u do it

anonymous · Answer

compound interest formula is that right

dan815 · Answer

i dont think that is right

dan815 · Answer

lets just think about the price it is at after 6 months

anonymous · Answer

oh dang what did uget

dan815 · Answer

after 6 months the price is 9250.56

dan815 · Answer

so she gotta pay that much after the 6 month defereed

dan815 · Answer

and if she pays 236.1 then she meets that but not any of the interest! and shes gonna be paying 20% interest even 6 months tho, so that sounds impossible

dan815 · Answer

unless that defereed period really doesnt count for interest

anonymous · Answer

what was yur final answer

dan815 · Answer

did u use this formula http://www.1728.org/loanform.htm

dan815 · Answer

i dont know lol , i havent derived a formula for this yet

anonymous · Answer

yea

anonymous · Answer

lol hmmn

dan815 · Answer

well use that formula just change ur principal to   9250.56

dan815 · Answer

lemme try to derive that formula on my own now

anonymous · Answer

ok

anonymous · Answer

u got it yet

dan815 · Answer

yes!!

dan815 · Answer

i think its really AWESOME!!! do u wanna see how i got it!

dan815 · Answer

@jdavis100 very cool result :D D:D :D

anonymous · Answer

yea :)

dan815 · Answer

okay this is how i start it

dan815 · Answer

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