Question

Suppose you buy an appliance costing $1650 at a store charging 11% add-on interest, you make a down payment of $500, and you agree to monthly payments over 4 years. Find the total amount that will be financed.

Answer 1

I think you would have paid 1331.50

Answer 2

Not paid, sorry. Have to pay.

Answer 3

If you paid $500 on $1650 with 11% added on

Answer 4

I could be wrong but if you multiply the cost of the appliance by the interest and then add that number together you should get $1,831.5. That is the total amount you're going to be charged, not deducting the down
payment.

Answer 5

If you have to pay 1331.50 over 4 years you would have to pay 332.86 every year for four years to fully pay off the appliance.

Answer 6

@bbbbbbbbbbbbbbbbbb thank you, how did you get the answer??