Chelly purchased a pool for $6,120 using a six-month deferred payment plan with an interest rate of 22.65%. She did not make any payments during the deferment period. What will Chelly’s monthly payment be if she must pay off the pool within five years after the deferment period?

$559.79

$191.64

$102.00

$114.11

Question

Chelly purchased a pool for $6,120 using a six-month deferred payment plan with an interest rate of 22.65%. She did not make any payments during the deferment period. What will Chelly’s monthly payment be if she must pay off the pool within five years after the deferment period?

 $559.79

 $191.64

 $102.00

 $114.11

amistre64 · Answer

:)  these are getting simpler to me

amistre64 · Answer

$$P=B_ok^{d+n}\frac{1-k}{1-k^n}$$

amistre64 · Answer

d = 6,  n=5*12 = 60 ... you know k and Bo

amistre64 · Answer

http://www.wolframalpha.com/input/?i=6120k%5E%286%2B60%29%281-k%29%2F%281-k%5E%2860%29%29%2C+k%3D1%2B.2265%2F12

amistre64 · Answer

thats the minimum payment needed ... anything more would also pay it off within 5 years

anonymous · Answer

is 191.64 the answer ?

amistre64 · Answer

it better be .....

anonymous · Answer

:O that what I got when I did some strange formula

anonymous · Answer

i forgot what I did lol