anonymous
  • anonymous
a computer cost $2910, kate agrees to pay a %15 per year finance charge on the cash price. If Kate contract to pay 18 months, how much will Kate pay each month? HELP!
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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schrodinger
  • schrodinger
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anonymous
  • anonymous
Do you know which formula to apply?
anonymous
  • anonymous
i have no idea, i am confused because usually it tells you the finance price
anonymous
  • anonymous
Monthly pmt = (PVA * r/12 ) / [ 1 - ( 1 + r/12 ) ^ ( -12 t)

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anonymous
  • anonymous
wah, thats even more difficult to read than the problem,lol
anonymous
  • anonymous
I am having problems putting that stuff in my calculator and getting the right answer, I was using the chart they gave me
anonymous
  • anonymous
If you already known, it should be understandable :)
anonymous
  • anonymous
Let me calculate this one!
anonymous
  • anonymous
2910x.015/12
anonymous
  • anonymous
(PVA * r/12 ) / [ 1 - ( 1 + r/12 ) ^ ( -12 t)=(2910x.015/12)/1-(1+.015/12)^12?
anonymous
  • anonymous
= 181.54 monthly pmt
anonymous
  • anonymous
my original answer was quadruple that, :/ ugh. *hits myself in the cabeza
anonymous
  • anonymous
beginning to think if all my other answers were corrct, much thanks
anonymous
  • anonymous
If you multiply the result by 18mos = $3,267 That make sense, since the lump sum isn't too larger compare to the origional one!
anonymous
  • anonymous
So now are you sure to know which formula to apply?
anonymous
  • anonymous
where did that 3267 come from? your talking to a dunce mathematician :)
anonymous
  • anonymous
Just a way to test if your answer rational by multiply back the monthly pmt * 18 months
anonymous
  • anonymous
but its not the same as 2910?
anonymous
  • anonymous
if i calculate 2910+15% i get 3346.5
anonymous
  • anonymous
Of course the loan pmt must be larger than the orgional price! Nah, I woudn't want to confuse you any more! Just memorize the formula!
anonymous
  • anonymous
haha ok
anonymous
  • anonymous
Math people sometimes crazy, you know :P
anonymous
  • anonymous
the answer was 198.04

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