Question

Find the total interest paid on the given amortized loan. Arianne bought new furniture for $4900. she paid a $850 down payment and financed the rest for 5 years at an interest rate of 8.3%.

Answer 1

I dont know. But. You are hot.

Answer 2

<3

Answer 3

lol. thanks..

Answer 4

Are you asian?

Answer 5

"Arianne bought new furniture for $4900. she paid a $850 down payment"

how much is financed? ie, how much money is she loaned?

Answer 6

4050 is the loan

Answer 7

xilly why you ignore me?

Answer 8

you broke my heart </3

Answer 9

no im not asian.

Answer 10

want to be my girlfriend? ;)

Answer 11

i have a boyfriend already c;

Answer 12

correct, 4900-850 = 4050 is the amount loaned out

now you'll use this formula

P = L[c(1 + c)^n]/[(1 + c)^n - 1]

where L = 4050, c = 0.083/12 = 0.00691667, and n = 12*5 = 60

or you can use this calculator

http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx

it says "mortgage", but it can be used for any amortized loan

Answer 13

absolutemaster this isn't the place for this sort of thing

Answer 14

82.70?

Answer 15

I'm getting $82.70 as well

Answer 16

that's her monthly payment

Answer 17

how much will she pay back in total?

Answer 18

Then what do i do ?

Answer 19

hint: 5 years = 60 months since 5*12 = 60

Answer 20

so multiply the answer by 60?

Answer 21

correct, to find the total paid back

Answer 22

tell me what you get

Answer 23

4962.13

Answer 24

you did 60*82.70 right?

Answer 25

well i just hit the answer key*60

Answer 26

82.70*60=4962

Answer 27

yeah it should be 60*82.70 = 4962

Answer 28

so how much interest does she pay?

Answer 29

62?

Answer 30

A)930.14
B)921.33
C)927.13
D)912.13
@jim_thompson5910

Answer 31

Hmm I'm getting 4962 - 4050 = 912

idk how they're getting 912.13

Answer 32

there seems to be a rounding error somewhere

Answer 33

oh I see now

Answer 34

oh.. i was subracting by 4900

Answer 35

the monthly payment is really 82.702109022983 if you don't round

Answer 36

82.702109022983*60 = 4,962.126541379

Answer 37

4,962.126541379 - 4050 = 912.126541379001

which rounds to 912.13

Answer 38

ok i get it , thank you!!

Answer 39

np