SOLUTION: Suppose you buy an appliance costing $1650 at a store charging 14% add-on interest, you make a down payment of $ 800, and you agree to monthly payments over 4 years. Fi
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Question 1140255: Suppose you buy an appliance costing $1650 at a store charging 14% add-on interest, you make a down payment of $ 800, and you agree to monthly payments over 4 years. Find the total cost for the appliance plus interest. Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! payoff $850
m=r(PV)/1-(1+r)^(-n); rPV=(.14/12)(850)=9.9166667
1-(1+r)^(-n)=0.4269
divide unrounded 9.92/0.4269 to get $23.23
