WILL GIVE 5 STAR IF CORRECT: Chasity purchased a pool for $9,270 using a six-month deferred payment plan with an interest rate of 17.95%. Sh

Question

WILL GIVE 5 STAR IF CORRECT: Chasity purchased a pool for $9,270 using a six-month deferred payment plan with an interest rate of 17.95%. She did not make any payments during the deferment period. What will Chasity’s monthly payment be if she must pay off the pool within four years after the deferment period? (4 points)

$297.41

$193.13

$560.59

$211.12

in progress 0
Phúc Điền 4 years 2021-08-09T19:47:51+00:00 1 Answers 11 views 0

Answers ( )

    0
    2021-08-09T19:49:29+00:00

    Answer:

    $297.41

    Step-by-step explanation:

    Given that:

    Amount = 9270

    Derferred period = 6 months = 0.5 yr

    Rate = 17.95% = 0.1795

    Amount = 9270(1 + 0.1795)^0.5

    Amount = 9270(1.1795)^0.5

    Amount = 10067.663

    PV = 10067.663

    Number of months, n = 48

    Monthly amount to be paid :

    rp = rate per period = 0.1795/12 = 0.0149583

    (rp * PV) / 1 – (1 + rp)^-n

    (0.0149583 * 10067.663) / 1 – (1 + 0.0149583)^-48

    150.5951234529 / 0.5096723

    = 295.47441

    Closest option is $297.41

Leave an answer

Browse

Giải phương trình 1 ẩn: x + 2 - 2(x + 1) = -x . Hỏi x = ? ( )