SOLUTION: If you buy a computer directly from the manufacturer for $3098 and agree to repay it in 48 equal installments at 1.79% interest per month on the unpaid balance, how much are your m

Question 1122068: If you buy a computer directly from the manufacturer for $3098 and agree to repay it in 48 equal installments at 1.79% interest per month on the unpaid balance, how much are your monthly payments? How much total interest will be paid?
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!

Your PV is 3098, your r is 0.0179, and your n is 48. Just do the arithmetic.

The amount of interest is the total of all the payments, that is PMT times 48, minus the Present Value (PV).

You can do your own arithmetic

John

My calculator said it, I believe it, that settles it

RELATED QUESTIONS
If you buy a computer directly from the manufacturer for $ 3,030 and agree to repay it in (answered by Theo)

I am confusing myself on this one. I know it's compound interest formula, but getting... (answered by rfer)

1.Mr and Mrs Jones calculates the amount of money they will need in order to live... (answered by ikleyn)

An engineer has just borrowed 8000 from a local bank at the rate of 1% per month on the... (answered by Fombitz,MathTherapy)

A friend lends you $200 for a week, which you agree to repay with 5% one-time interest.... (answered by jim_thompson5910)

1) A retiree invests $3,000 in a savings plan that pays 3% per year. What will the... (answered by rfer)

You borrow $5000 from your parents and agree to repay them $5500 in five years. They are (answered by rfer)

Assume that a manufacturer can purchase a needed component from a supplier at a cost of (answered by jorel555)

Andrew borrowed PhP 25,000.00 and agrees to repay the loan by level monthly installments (answered by Theo)