SOLUTION: Nestor is building a new swimming pool for $10,000. He makes a $2,000 down payment and the builder gives him an add-on loan, charging him an annual interest rate of 7.3%. If he tak

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Question 1074085: Nestor is building a new swimming pool for $10,000. He makes a $2,000 down payment and the builder gives him an add-on loan, charging him an annual interest rate of 7.3%. If he takes a 4-year loan, what will his monthly payments be? Please show all steps. Thanks in advance
Found 2 solutions by jorel1380, MathTherapy:
Answer by jorel1380(3719)   (Show Source): You can put this solution on YOUR website!
The pool is $10000. Nestor makes a down payment of $2000, which leaves him owing $8000. So, over 4 years, that means:
$2000/year x .073=$146 interest per year
2000+146=2146
2146/12=$178.33 monthly payments. ☺☺☺☺
Answer by MathTherapy(10552)   (Show Source): You can put this solution on YOUR website!
Nestor is building a new swimming pool for $10,000. He makes a $2,000 down payment and the builder gives him an add-on loan, charging him an annual interest rate of 7.3%. If he takes a 4-year loan, what will his monthly payments be? Please show all steps. Thanks in advance
As an add-on loan, monthly payment is:  

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