SOLUTION: The Giordanos buy $7200 worth of furniture for their new home. They pay $2000 down. The store charges 8% add-on interest. The Giordanos will pay off the furniture in 18
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Question 1140256: The Giordanos buy $7200 worth of furniture for their new home. They pay $2000 down. The store charges 8% add-on interest. The Giordanos will pay off the furniture in 18 monthly payments (1 and one half
years). Find the monthly payment.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
need to pay $5200
5200=m(1+(.08/12))^18-1 divided by (.08/12)(1+(.08/12)^18
5200=m(0.1270)/(0.006666667)(1.0066667^18), round at end
monthly payment is $307.53
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