document.write( "Question 619822: Jack found the stereo of his dreams. He made a $600 down payment and financed the remaining balance using a loan. Jack agreed to pay off his loan in 3 years making monthly payments of $30 at 12% compounded monthly.\r
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Algebra.Com's Answer #389815 by ewatrrr(24785) $\"\"$ $\"About$

You can put this solution on YOUR website!

 
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document.write( "Hi,
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document.write( " Jack agreed to pay off his loan in 3 years making monthly payments of $30 at 12% compounded .
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document.write( "  36· $30 = 
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document.write( "  1080 = P(1.01)^36
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document.write( " 1080/1.43 = P = $755.24, the amount borrowed\r
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document.write( " What was the selling price of the stereo? 600 + $755.24 = $1355.24 \n" );
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