Quantcast

A community for students. Sign up today!

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

PrettyGirl22

  • 2 years ago

payments will be 244.22 per month for 8 years the interest rate is 7.35% what is the asking price?

  • This Question is Open
  1. Lameyouser
    • 2 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    Here is a simplified version of your question. You pay $50/month for 3 months with 10% interest rate. Total Payment is $50*3 = $150. 3rd month \[50 = X3 \times 1.1\]\[X3 = 50/1.1 = 45.45\] 2nd month \[45.45+50 = 95.45 = X2\times1.1\]\[X2 = 95.45\div1.1=86.77\] 1st month \[86.77+50 = 136.77 = X1\]\[X1 (AskingPrice) = 136.77\] 136.77 is the asking price. There should be $13.23 of interest to make $150.00. 45.45*0.1 + 86.77*0.1 = 4.55+8.68 = $13.23 .

  2. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Ask a Question
Find more explanations on OpenStudy

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.