SOLUTION: Al purchased a new refrigerator that cost $736.12 with interest included. He paid $100 as a down payment and agreed to pay the remainder in 18 monthly payments. What amount will he
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Question 48169: Al purchased a new refrigerator that cost $736.12 with interest included. He paid $100 as a down payment and agreed to pay the remainder in 18 monthly payments. What amount will he be paying per month? Answer by jbhsmith(2) (Show Source):
You can put this solution on YOUR website! There are a few different ways to solve a problem like this: The easiest way would be to work your problem in steps.
Step 1...Take the $736.12 and subtract the $100.00 down payment from that.
......... $736.12
-$100.00
_______
$636.12
Step 2...Divide the amount Al owes for the regrigerator which is $636.12, by
the number of monthly payments he would have to pay until the
refrigerator is paid off, which is 18.
.........18/636.12----I put the / in place of the division symbol. Hopefully
this wont confuse you.
.........18/$636.12 =$35.34.
Step 3. The monthly payment for Al's new refrigerator is $35.34.
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