A landscaping business owner buys a new riding mower for $9,600.00. The owner makes a $1,000 down payment and applies for an $8,600 four-year, 3.5% interest rate installment loan, with monthly payments of $192.26. What is the total cost of the mower?

$8,600.00
$9,600.00
$9,228.56
$10,228.48

Question

A landscaping business owner buys a new riding mower for $9,600.00. The owner makes a $1,000 down payment and applies for an $8,600 four-year, 3.5% interest rate installment loan, with monthly payments of $192.26. What is the total cost of the mower?

$8,600.00
 $9,600.00
 $9,228.56
 $10,228.48

Phantomdex · Answer

n = 4 x 12 = 48 (1 year = 12 months)
total cost = 1,000 + 192.26 x 48 = 10,228.48
 1,000 being the down payment and 192.26 being the per month.

Phantomdex · Answer

So, you're answer is D: $10,228.48

TheJag18 · Answer

awsome :)