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Sagot :
The cash price of the ring was $ 16,560.80.
Knowing the down payment, the interest rate and the monthly payments, to determine what is the cash price of the ring, the following calculation must be performed, applying the compound interest formula:
- Initial value x (1 + interest rate / compounding times) ^ (years x compounding times) = Compound interest
- X x (1 + 0.072 / 12) ^ 3.5x12 = 360 x 42
- X x 1.006 ^ 42 = 15,120
- X x 1.2856 = 15,120
- X = 15,120 / 1.2856
- X = 11,760.80
- 11,760.80 + 4,800 = Cash price
- 16,560.80 = Cash price
Therefore, the cash price of the ring was $ 16,560.80.
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