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

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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) About Me  (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