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.

Question

anonymous · Answer

I think you would have paid 1331.50

anonymous · Answer

Not paid, sorry. Have to pay.

anonymous · Answer

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

anonymous · Answer

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.

anonymous · Answer

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.

anonymous · Answer

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