A community for students.
Here's the question you clicked on:
 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?
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

Lameyouser
 2 years ago
Best ResponseYou've already chosen the best response.1Here 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 .
Ask your own question
Sign UpFind 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
 Engagement 19 Mad Hatter
 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.