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 ->  Finance -> 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      Log On


   



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) About Me  (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