Question

Use the formula to solve for c. Choose the right answer.

Amount Financed (m) = $275
Number of Payments per year (y) = 12
Number of Payments (n) = 18
APR (I) = 12%

c = $.

Answer 1

If this person had 12 payments a year, that'd be one payment a month. 18 payments means 18 months, which is a year and a half. if a amount financed for each payment is $275, you take $275 X 18 = $4,950. So c = $4,950 earned.

Answer 2

@Aashlerrs