http/ P https://www.mathel.com/St omework aspathomeword 4061540 Norton Q M1332 C
ID: 3055012 • Letter: H
Question
http/ P https://www.mathel.com/St omework aspathomeword 4061540 Norton Q M1332 Contemporary Math Spring 2018 Rachael Jefterson &1 4/6/18 3:33 PM Course HomHomework: 13.2 Consumer Credit Save AnnouncemeScore: 0 of.1 pt HW Score: 16.67%, 1 of 6 pts 2 of 6 (4 complete) Homeworkx 13.2.3 Question Help Study Plan .suppose you buy an appliance cost ng S1 750 at a store charging 15% addon merest, you make a oo n ayn en or soo and you a reon enny payments o era Gradebookyears Find the total amount to be repaird eText The total amount to be repaid is s (Type an integer or decimal rounded to the nearest cent as needed ) Chapter Con Tools for Su Student Suc Culinary Mat Review Multimedia L Purchase Of Enter your answer in the answer box and then click Check Answer Course T o see wnar to study next go o your Study PlanExplanation / Answer
The total cost for the appliance plus interest is ?$2180
WORK-------------
Subtract the down payment from the cost.
?$1750-?$100=?$1650
The total amount that will be financed is ?$950
--------Now find the amount of interest.
?Add-on interest means that if a person borrows an amount P with an annual interest rate r and payments extended over t? years, then the required interest comes from the simple interest formula I =Prt
Add on this interest to the principal to find the total debt.
?Therefore, let P represent the? principal, or amount? borrowed, and Prt represent the simple interest added to it. Then simplify the formula.
Amount to be repaid=P+Prt.
Amount to be repaid=?P(1+?rt)
Use this formula to find the total amount that must be repaid. The value of? P, the amount that will be? borrowed, is ?$950?, the same as the amount to be financed. The interest rate r as a decimal is 0.12?, and the payments will extend over 3 years.
Substitute the correct values into the formula.
Amount to be repaid=1600?(1+0.15*2) =2080
Add the total amount to be repaid to the down payment to find the total cost.
Total cost=?$100+?$2080
The total cost for the appliance plus interest is ?$2180
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.