SOLUTION: Carson paid $12,700 to build an addition on his house. He paid $3000 up front, and financed the rest for 5 years at an annual interest rate of 9.3 percent. Find the monthly payment

Algebra.Com
Question 465330: Carson paid $12,700 to build an addition on his house. He paid $3000 up front, and financed the rest for 5 years at an annual interest rate of 9.3 percent. Find the monthly payment and total interest paid.
Carson's monthly payment is $____ (Round to the nearest cent as needed)
The total interest paid is $____ (Round to the nearest cent as needed)''.
Answer by ewatrrr(24785)   (Show Source): You can put this solution on YOUR website!
 

Hi,

I = P*r*t = 9700*.093*5 = $4510.50, the interest amount

  (9700 + 4510.50)/60mo = 236.84, the monthly payment  

RELATED QUESTIONS


Carson paid $12,700 to build an addition on his house. He paid $4000 up front, and... (answered by )

Dale purchased a car for 26000. He paid 2,000 down and financed the rest over 5 years at... (answered by Alan3354)

John bought a new computer for $1,650. He paid a $160 down payment and financed the rest... (answered by Menjax)

Bruno wants to buy a boat which costs P1,700,000. He has saved P500,000, which he will... (answered by TimothyLamb)

Shanna Engel started up a new nonprofit organization in 2017 named Concern for Animal... (answered by ikleyn)

Is it D? I want to check my answer.

James currently has $215 in a savings account.... (answered by MathLover1,MathTherapy)

you buy a house for $160,000. you pay 10% down and finance the rest paying 8% interest on  (answered by rfer)

ver wonder how much a house “actually” costs? Consider Alex and Sabrina who purchased a... (answered by solver91311)

in 54 months, Bill wants to build a $20,000 three-season room addition on his house. How... (answered by jorel1380)