Question

Help with Math questions. I want to see if I am right.

Answer 1

Sabrina purchased a dining room set for $2,390 using a 12-month deferred payment plan with an interest rate of 24.28%. She did not make any payments during the deferment period. What will Sabrina’s monthly payment be if she must pay off the dining room set within two years after the deferment period?

I got $126.64

Answer 2

Ugh. So many words. Give me a moment and I'll work it out.

Answer 3

lol. Yea I know its the words that get me sometimes. Thanks for helping.

Answer 4

I got 123.76, but I'm pretty sure I did something incorrectly...

Answer 5

How about this. Show/tell me what you did to get your answer, and maybe I can see where you're coming from?

Answer 6

Yea sure.

Answer 7

If it's just a simple miscalculation, we'll be able to identify it that way.

Answer 8

\[M=B*i(1+i)^nt /(1+i)^nt -1\]

Answer 9

is wrait

Answer 10

owed = principal + interest
owed = 2390 + (2390 * 24.28* 2)/100
owed = 2390 + 1160.58 = 3550.58
monthly payment = 3550.58/24 = 147.94

Answer 11

While I am good at solving equations, I am not that great at setting them up through word problems, so I'm going to back out of this one. Good luck though. :)
Plus it seems as though, you do have some people who can help. :)

Answer 12

Yea thanks for trying. I am the same way. I am not good at setting them up with word problems.

Answer 13

I used simple interest for 2 years instead of compound interest for 3 years with monthly period